Red River Development is betting that apartment renters will prefer the alternative of a stand-alone house in an area designed like a neighborhood to a standard apartment complex.
The project in Jenks, Oklahoma, outside Tulsa, incorporates small house designs that aim for energy efficiency to make it stand out in a competitive rental market. As a result, Trulo Homes was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for multifamily development of the year for Tulsa.
With its projects, Red River said it has often been building a region’s first home rental development. So to compete with traditional apartments it also offers the same features, including pet-friendly spaces and smart home technology, The developer also used sustainable materials from BBL Construction and MW Builders as it tries to blend what it calls a feeling of upscale rental living but within a broader community.
The strategic advantage the developer sought, creating a project large enough to feel more like a residential village, also proved to be a challenge. The developer said it had to navigate complex zoning regulations as it sought to put individual buildings rather than a typical multifamily complex as well as manage supply chain disruptions and adapt to evolving market demands as a result of the pandemic.
In the end, the developer said, it turned to digital marketing to lease up the property to use its unique aspects to attract online attention. And by offering freestanding units more like houses, the developer said, renters seem to end up with a stronger sense of being part of a community than those in a standard apartment unit.
About the Project:
The project, located at 11131 S Kennedy Ct., also includes group areas for residents in the free-standing units to come together and create a sense of community, an attempt by the developers to meet or exceed the latest social components that have been offered in some apartment complexes.
What the Judges Said:
"This densely configured yet single-family offering is an interesting housing option that I think would be appealing to many different types of renters in many stages of life. The emphasis on energy efficiency and technology seems on trend as well," said Anne Perrault of Northmarq.
They Made it Happen:
Red River Development, with an office in greater Tulsa, focuses on developing and running Class A built-to-rent projects, with a focus on the U.S. South and Midwest.