Apartments are a hot commodity in the Oklahoma City area, according to a report from Commercial Realty Resources Company of Norman, OK. With the demand up for apartments, owning complexes has become a viable investment in the area. Demand from out of state investors is keeping sale prices high for existing complexes in the area. The Norman local movers have found that the local metro multi-family property investment market is gaining in competitiveness and developers are in an interesting position. For the first time since the recession, developers can build new complexes for less than it would cost to buy comparable existing properties.
It has certainly become an issue of supply and demand for the area, as the market is disproportionate. There are not enough apartments in the area to appease the demand from an investor angle. For their own reasons, investors really want to be in Oklahoma and purchase properties that have existing tenants and incoming revenue. Prices are high and will likely remain high as competing potential investors are willing to pay higher prices to beat out rivaling investors.