OMAHA, NE - Haley Real Estate Group, an Omaha, Neb.-based investment firm, announced an $8 million renovation plan for Park Place, a four-story mid-rise apartment community located in Oklahoma City, Okla. DEI Communities, the property management company for Haley Real Estate Group will oversee the renovation process and day-to-day operations of the community. Haley acquired the property for $4.2 million from an Oklahoma City investment group, on January 18, 2013. The addition of Park Place to the company’s portfolio is part of a larger acquisition and renovation strategy and represents the fifth community owned and managed by DEI Communities in Oklahoma City and the sixth property in the state.
Park Place Apartments, a 223-unit community, comprised of one and two bedroom apartment homes as well as efficiency units, is adjacent to the State Capitol and ten blocks north of the University of Oklahoma Health Sciences Center, providing housing options for more than 20,000 government, education and biotechnology employees. The interior and exterior renovation plans will be complete by year-end and are similar in scope to Vista Shadow Mountain, a DEI Communities-owned and operated multifamily property in Tulsa, Okla., that underwent extensive renovation in 2010 and subsequently was awarded the National Apartment Association’s coveted Paragon Award in 2011, recognized as the “Community of the Year.”
“Park Place is an exciting acquisition for Haley,” said Dan Clatanoff, President of DEI Communities. “As an existing member of the community, we are proud to be a major contributor to the renewal of Oklahoma City’s downtown corridor. Providing an upscale, contemporary community within walking distance to the State Capital, state department buildings and the Health Sciences Center now provides employees and students greater flexibility on where to live and access to the lifestyle amenities available in the suburbs.”
During the 18-month construction process, overhaul of each interior unit will include new flooring, cabinets, fixtures, appliances, and design features such as exposed ceilings and state-of-the-art communication amenities will be completed. An extensive re-design of the exterior and common areas of the community will have a distinctive urban feel as well as provide superior lifestyle amenities. Residents will be able to enjoy covered parking, bike racks, new landscaping, a bark park as well as a renovated pool and a fitness and business center. Controlled access entries to the property include a perimeter wrought iron and sustainable, graffiti-proof fence and individual access controls on each of the property’s four buildings. Tech-savvy residents will benefit from the ability to access and view entry video footage and grant entrance to guests via any mobile device.
In order to complete this massive revitalization to both the interior and exterior of Park Place, DEI has partnered with more than 10 area communities to help relocate current Park Place residents to new living accommodations. The company has pre-scheduled open houses onsite at Park Place with several of these partnering communities to assist in matching residents with new communities. Additionally, DEI is providing residents with financial relocation assistance. Residents with any questions regarding the scheduled open houses or details to receive their relocation assistance should visit the Park Place leasing office.
Multifamily real estate specialists engaged in managing acquisition, disposition and re-financing projects for Haley’s affiliated partnerships. Haley focuses on identifying potential property acquisitions throughout the central United States and on following strict acquisition criteria enforced through its underwriting and risk analysis.
Overseeing more than $600 million of multi-family assets, consisting of 10,000+ apartment units across the Central United States, DEI Communities is a recognized leader in multifamily property management. DEI Communities has received the Accredited Management Organization® (AMO®) credential from the Institute of Real Estate Management (IREM). The AMO accreditation recognizes excellence among real estate management firms. Only those firms that achieve the highest level of performance, experience and financial stability and have a CPM in executive position can earn the AMO credential.