The Norman Transcript


July 28, 2013

Multi-family investment market looking optimistic



With demand strong, multi-family accounts for nearly a quarter of new residential construction. The Oklahoma Employment Security Commission’s June report “Oklahoma Economic Indicators” recently was released and reports May residential permitting.

“Single-family permitting activity accounted for about 75 percent of residential permitting activity in May, while multi-family permitting accounted for about 22 percent,” the report states.

Tornado outbreaks in May are expected to have a “significant impact” on residential construction. The Oklahoma Department of Emergency Management reported an estimated 1,150 homes destroyed in the May 20 tornado that hit Moore and south Oklahoma City.

Insurance claims are expected to exceed $1 billion. No information on damaged apartments was included in the report, but Moore Emergency Manager Gayland Kitch said apartments were damaged at 19th Street and Santa Fe.

Kitch said an initial assessment estimates that 55 apartment and duplex units were destroyed, 16 had major damage and 15 had minor damage.

The Greens in Moore, 2100 S. Santa Fe Ave., had 198 apartments that needed repairs, according to apartment staff. All of the people in those apartments had to move out. All of the livable apartments at the Greens are occupied at this time.

The Fairways in Moore, 800 SW 19th St., also sustained damage.

Joy Hampton



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