Oklahoma City Building Boom 
The year started with about 3,250 apartment units being built in more than 20 different complexes, nearly 70% more than the normal average, according to Capstone Companies, a multifamily property brokerage firm.
Since then, 1,000-plus additional units were announced for a total of about 4,400 apartments coming to the Oklahoma City metro area.
About 2,100 of the planned apartments were financed with low-income housing tax credits and fit the affordable housing description. They are all part of a more-than-usual amount of affordable apartment construction, said David Dirkschneider, managing director for Capstone Compainies in Oklahoma City.
“This is a good thing because it’s evident that there is a shortage of affordable housing anywhere in the country.”
Fairground Flats, a 216-unit affordable senior apartment complex announced last week by Indianapolis developer TWG at 2820 General Pershing Bouevard, just east of the OKC Fairgrounds complex.
Fairground Flats is “much needed,” said Holley Mangham, communications manager for the Oklahoma Housing Finance Agency, which contributed $33.6 million in tax-exempt bonds and $2.4 million in housing tax credits toward its development
Dirkschneider said some economists see Oklahoma City as becoming more affordable for renters because household incomes are increasing faster than rental rates and they expect rent increases to come off of recent spikes and slow.
The surge in affordable construction is probably due to a tweak to the federal tax credit application used by developers for 2023, said Darrell Beavers, housing development director for the Oklahoma Housing Finance Agency, which administers federal and state housing tax credit programs.
New apartments under construction or announced in the Oklahoma City area: Thrive on 10th, 1007 NW 10, senior housing, 316 units.
Bradford Place Apartments, 613 N Davis Ave., affordable, 72 units.
Creston Park, phase one, 2000 NE 28, affordable, 261 units.
The Cottages at Superbia Retirement Village, senior housing. 9720 Stacy Court, 84 units.
Greenwood Estates, affordable, 740 NW 122, 60 units.
Harmony School Apartments, affordable, 1537 NE 24, 40 units.
Pivot Inc., affordable, tiny homes. 201 NE 50, 20 units.
Southern Commons, affordable, 6000 E Interstate 240 Service Road, 97 units.
The T Oklahoma City, phase one, affordable, 3925 SE 59, 85 units.
North Pointe Apartments, affordable, 11800 N Western Ave., 187 units.
The Lofts at Valencia, 2717 NW 178, 200 units.
Domain at Chisholm Creek, 1424 Highland Park Blvd., 240 units
24Hundred Apartments, 2400 Watermark Blvd., 299 units.
700 West, 400 N Shartel Ave., 235 units.
The Harlow, 100 Park Ave. and 101 N Broadway Ave., 265 units.
Westgate Park Residential, 10401 W Reno Ave., 444 units.
Fairground Flats, affordable, 2820 General Pershing Blvd., 216 units.
Edmond-Yukon-Mustang The Campbell, 217 E Campbell St., Edmond, 86 units.
Savannah Terrace Apartments, affordable, 5801 S Aloha St., Mustang, 60 units.
The Silos, 100 W Main St., Edmond, 280 units.
Park Avenue Estates, affordable, 125 S Czech Hall Road, Yukon, 92 units.
The Curve, affordable, 701 SW 17, Moore, 245 units.
Sage Cobblestone, senior, 4403 12th Ave SE, Norman, 168 units.
Due to some changes in how affordable housing projects are scored, along with the 4% tax credits being more attractive than they used to be, we’re seeing a large rise in affordable housing construction.
