Case & Associates Properties Inc. recently broke ground on a 286-unit apartment project at 81st Streetand Mingo Road, in Tulsa, Tulsa World reports.
Dubbed Cascata Apartments, the $22 million project is scheduled for completion next year. Case’s new project marks something of a departure from its recent strategy of developing on the edges of the metropolitan area in locations with relatively inexpensive land prices, such as Broken Arrow, Owasso and near Tulsa HIlls shopping center. Company vice president Scott Case explained that higher rents and occupancy in southeast Tulsa will offset the increased development costs.
Strong leasing activity at its newly developed suburban properties is also prompting Case to keep building. Occupancy at the 316-unit Tuscany Hills complex near Tulsa Hills and at the 228-unit Park at Coffee Creek in Owasso quickly reached around 93 percent.
The Cascata Apartments will feature units ranging in size from 789 to 1,176 square feet that will rent for about $1 per square foot. With a design incorporating Tuscan and Mediterranean elements, Cascata will include 28 apartments placed over garages.
Logo Courtesy of: www.caseusa.com