As a % of Asking Rent -2.5% -1.9% -1.4% -2.1% -2.4% -0.9% -1.6%
Date Property Name Address City Units Year Built Price in $ $/Units
Nov-17 Thrive 204 Riverfront Dr Jenks 168 2017 17,950,000 106,845
Nov-17 Chapel Ridge of Claremore 2500 Frederick Rd Claremore 104 2001 4,325,000 41,587
Oct-17 Briar Village 3218 S 93rd Ave E Tulsa 80 1973 2,560,000 32,000
Oct-17 Heatherstone Apartments 9730 E 33rd St Tulsa 252 1973 7,100,000 28,175
Jul-17 Sierra Pointe 1433 S 107th E Ave Tulsa 348 1968 12,350,000 35,489
Jul-17 Echo Trail 6326 S 107th E Ave Tulsa 240 1984 13,000,000 54,167
Jun-17 Marquis on Memorial 14681 S 82nd East Ave Bixby 132 2009 13,500,000 102,273
May-17 Prescott Woods 1337 E 61st St Tulsa 256 1981 8,300,000 32,422
COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 2www.ColliersMultifamilyEast.com
SUPPLY AND DEMANDAccording to the Bureau of Labor Statistics, job growth in Tulsa, OK Metro Area was 1.6% in November 2017, reflecting 7,200 jobs added during a 12-month period. The metro job growth figure was above the national number of 1.4%.
Axiometrics forecasts Tulsa, OK Metro Area’s job growth to be 0.8% in 2018, with 3,475 jobs added. Job growth is expected to average 0.9% from 2019 to 2021, with an average of 4,227 jobs added each year.
On the supply side, permits for 427 multifamily units were issued in the 12 months ending in November 2017, down -167 units from the prior year’s sum. In terms of total residential housing, 3,660 units were permitted in the 12 months ending November 2017, a decrease of -96 units from the prior year’s total.
Multifamily Absorption and Supply
Annual 4Q17 Annual Forecast
2014 2015 2016 Market National 2017 2018F 2019F 2020F 2021F
Total Units Absorbed 1,351 523 (287) 1,521 367,785 948 2,357 1,186 179 489
Single Family Units Permitted 3,014 2,891 3,040 2,914 756,569
Relative Change 0.3% -4.1% 5.2% 2.7% 10.2%
Multifamily Units Permitted 1,339 735 594 427 366,148
Relative Change 117.4% -45.1% -19.2% -51.4% -1.3%
Multifamily as a % of Total 29.6% 19.4% 15.8% 12.6% 31.7%
Demand/Supply Ratio Job Gain / Total Residential Units Permitted 2.2 1.5 (0.8) 1.9 1.9 0.3 1.0 1.2 1.3 0.9
Job Gain / Single Family Units Permitted 2.8 2.3 (1.1) 2.5 3.1
Job Gain / Multifamily Units Permitted 13.4 5.2 (4.3) 8.2 5.7
COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 3www.ColliersMultifamilyEast.com
IDENTIFIED SUPPLYAs of January 15, 2018, Axiometrics has identified 1,534 apartment units scheduled for delivery in 2017, which all units have been delivered. As a comparison, there were 796 apartment units delivered in 2016. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,091 per unit, or $1.19 per square foot. Effective rent has averaged $1,052, or $1.15 per square foot, resulting in an average concession value of $-38.99. As a comparison, existing properties in the market had an average asking rent of $697 per unit ($0.82 per square foot) and an average effective rent of $682 per unit, or $0.80 per square foot, in 4Q17. Concessions for existing properties averaged $-14.68.
Submarket Delivery Schedule
Pipeline Delivery Schedule Pipeline Lease Up Trend
Units Absorbed Asking Rent Effective Rent
Top Submarkets 2015 2016 2017 Total Totals PPM Per Unit PSF Per Unit PSF Arkansas River Southwest 348 315 663 258 9 $959 $1.00 $933 $0.98
Tulsa, OK 818 796 1,534 3,148 1,037 9 $1,091 $1.18 $1,049 $1.14*Based on 2017 deliveries *Trend based on a trailing 12 month period
COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 4www.ColliersMultifamilyEast.com
PIPELINE# Name Status Owner Address Market Units1 Building Name Building Status Owner Name Building Address Submarket Name Number
Of Units2 220 E 2nd St Proposed Preferred Apartment Communities 220 E 2nd St Downtown Tulsa MF 2403 Rockford Park Apartments Proposed Prairie Fire Management Group,
LLC1415 E 8th St Central Park MF 140
4 The View Proposed American Residential Group 420 E Archer St Greenwood MF 2205 Santa Fe Square Apartments Proposed Blue Dome Hotel Center Llc 111 S Elgin Ave Downtown Tulsa MF 2916 The Links on Memorial- Phase III Proposed Lindsey & Associates, Inc. 111500 Links Blvd South Tulsa County MF 2887 305 N Main St Proposed Cowen Construction 305 N Main St Outer S Tulsa/Broken Arro 908 The Residences at Board Walk-
Phase IIProposed Black Gold Management Group 12305 S Memorial Dr South Tulsa County MF 179
9 71 at Tulsa Hills- Phase II UC Under Construction Simmons + Kourtis 7720 S Elwood Ave South Tulsa County MF 10010 The Residences at Boardwalk
Phase IIUnder Construction Black Gold Management Group 12301 S Memorial Dr South Tulsa County MF 153
Total Units 1,965
Source: CoStar
1
Key
Lease-Up
Under Construction
Proposed
8
2
34
6
7
5
9
10
COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 5www.ColliersMultifamilyEast.com
WHO WE AREOne of the largest and most
experienced teams of multifamily
specialists in the industry
Units sold since 2011
39,000MORE THAN
Group gross transaction value in since 2011
$2.8B
Dedicated Multifamily Professionals & Advisors
50MORE THAN
Expansive geographic footprint
24COVERING OVER
STATES
WE CAN HELPAs an investor in multifamily properties, you need a firm that provides experience, broad reach and the ability to market an asset no matter how challenging the economic environment. You need a team that specializes in your market you need The East Region Multifamily Advisory Group.
Colliers International has one of the largest and most experienced teams in the industry, strategically located in key markets throughout North America. Our combination of market dominance, expertise, and singular focus, make us uniquely successful in helping our clients achieve their disposition objectives.
How are we able to bring together the skills and tools necessary to complete challenging assignments? Our East Region Multifamily Advisory Group is connected by purpose and focus. Our team is dedicated to sharing information on market opportunities, capital sources and buyers/sellers to achieve the best results for our clients.
COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 6www.ColliersMultifamilyEast.com
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