Hines has landed its first multifamily development project in Oklahoma. The Houston-based real estate firm is partnering with Humphreys Capital to develop The Residences at Classen Curve, a 325-unit multifamily community in the Nichols Hills submarket of Oklahoma City, Okla.
The five-story Class A development will rise immediately adjacent to a retail center anchored by a Whole Foods market and a Trader Joe’s. According to Hines, the community will be the only Class A community in Oklahoma City within walking distance from a grocery store.
Apartments at the community will average around 900 square feet in size and community amenities will include a fitness center, amenity courtyards, a swimming pool, a club room, a coworking lounge, a dog run, package facilities and bike storage. Dwell Design Studio, which specializes in stick-wrap residential design, will be the architect of record at the development. Construction on the project is expected to begin in 2020 and an opening date is slated for late 2021.
While the development marks the first multifamily project for the firm in Oklahoma, Hines previously took part in developing Devon Energy Center, a 50-story office tower in downtown Oklahoma City that was completed in 2012, and Bank of Oklahoma Park Plaza, a 27-story office property also in downtown Oklahoma City that was completed last year.
Humphreys Capital Senior Managing Director Todd Glass said in prepared remarks that the firm was particularly looking forward to working on a project in their own hometown, and one that will serve to meet the growing housing needs of Oklahoma City.
Last month, a Hines-sponsored REIT, Hines Global Income Trust, expanded its residential investments to more than $430 million globally with the acquisition of Alloy by Alta, a 275-unit luxury community near the University of Maryland campus in College Park, Md.