Riverbend Gardens, new downtown residential complex, is fully leased
BY ROBERT EVATT World Staff Writer
Saturday, January 05, 2013
1/05/13 at 8:18 AM
Loft apartments constructed in repurposed older downtown buildings may get most of the attention, but some companies still like starting from scratch.
One of them is Quad States Cos. LLC. The Ridgeland, Miss.-based company just wrapped up construction on the 40-unit Riverbend Gardens, a $4.4 million apartment complex at 611 W. 11th St. across, from the OSU Medical Center.
Kris Ainsworth of Quad States said numerous nearby developments helped convince the company to build in the city's core.
"Tulsa's got an up-and-coming downtown area," he said. "We knew the market would be there."
The market has already responded to Riverbend Gardens. Property manager Sheila Taylor said all of the units were leased out ahead of the grand opening, which is scheduled for Tuesday.
Ainsworth said the leasing milestone is one of the best in the company's portfolio, which now numbers more than 40 developments in six states.
"It's definitely outperforming the other properties," he said.
Other than two handicap- accessible, one-story residential units, most of Riverbend consists of two-story, 1,081-square-foot apartments and three-story, 1,194 square-foot units with attached garages.
To keep rents between $523 and $653 per month, Quad States applied for and received non-income-based tax credits, Ainsworth said.
Riverbend Gardens is Quad States' first property in the Tulsa area, and Ains- worth said the company is pursuing more.
"We've submitted two more applications for tax credits in Oklahoma - one in Tulsa and one in Sapulpa," he said.
Original Print Headline: Apartments sold out
Robert Evatt 918-581-8447
Pedestrians walk outside the newly built Riverbend Gardens townhouses Friday. MATT BARNARD/Tulsa World
Modern kitchen cabinets, counters and appliances are included in townhouses at the newly built Riverbend Gardens complex downtown. MATT BARNARD/Tulsa World