The last couple of years has proven to be an active market for Edmond real estate investors. Edmond is experiencing new pockets of home investment products.
“Today in Edmond we have 40 apartment complexes that total 4,905 units,” said Janet Yowell, executive director of EEDA. The average occupancy grew to 93% last year.
The Edmond Economic Development Authority hosted the Economic Preview Thursday afternoon at the Edmond Conference Center. The event was sponsored by First Fidelity Bank.
Rent for a one-bedroom unit with one bath increased by $53 from 2918-19. The increase for a two bedroom was $44 during the period, and a three-bedroom unit increased by $84, Yowell said.
“Four apartment complexes were sold last year at an average of $90 per square foot,” Yowell continued.
A new multi-living, luxury project is the $2.6 million Highland 55 located just south of Ninth Street on Bryant. With 72 units, Highland 55 is geared toward active lifestyle residents being 55 years of age or older. The first unit is scheduled to be completed this summer, Yowell continued.
“The office market added just over 45,000 square feet of new space with seven permits totaling $6.1 million in 2019,” Yowell said.
The office occupant rate increased from 86% from 2018 to 93% in 2019. Market alterations and additions totaled $1.6 million in additional equity, Yowell said. Edmond office space encompasses more than 3.5 million square feet of existing space.
Four new retail permits were issued in 2019 for about 15,000 square feet at a cost of approximately $4.5 million.
“Alterations and additions in this category totaled another $12 million,” Yowell said.
Lieutenant Gov. Matt Pinnell said Edmond is an amazing city.
“We need to make sure we are telling your story across 77 counties,” Pinnell said.
MEDICAL INVESTMENT BOOMING
Edmond continues to see significant activity in medical investment. Mercy at I-35 opened their $49,000-square-foot primary care and emergency room facility in October. It is located just south of their existing 200,000-square-foot facility at 15th Street and U.S. Interstate 35.
The Mercy project has 11 emergency patient rooms along with ultra-sound, CT, X-ray, lab, and an infectious disease isolation room.
“That’s all on the first floor, and then primary and pediatric care on the second floor,” Yowell said.
East of Mercy across I-35, INTEGRIS Health Edmond began construction in 2017 on a 144,000-square-foot addition to the full-service hospital.
“It will just about double the size of what they have,” Yowell said. “They have almost another year of construction to go.”
New hospital beds will be located in the five-story tower being located on the south side of INTEGRIS Edmond complex. A three-story tower will open on the east side allowing an expansion of radiology, pharmacy and a surgical area.
“This will take the hospital from 40 beds to 100 beds,” Yowell said. “Next month they will open a wound care center in the office building closest to I-35.”
The new Arcadia Trails opened in May on the east side of the campus. Arcadia Trails focuses on addiction recovery.
“One of the things I want to point out is the employment base by Edmond health care industry is about 1,600 employees,” Yowell said.
This figure includes INTEGRIS Edmond, Mercy, OU Medical Center Edmond, and Summit Medical Center at 15th Street and Bryant.