Garrett points to the city’s low unemployment rate – under 5% and one of the lowest in the nation for cities with more than 1 million residents – and its historical stability. “Oklahoma City is a very even keeled market,” he contends. “For the most part, it’s experienced very stable occupancy and stable rent increases. And, absorption has been fairly strong.”

Once Watermark decided to enter the local market here, the firm began looking for sites near high-end retail and single-family residential, close to employment centers and accessible and visible to major roads. The company considered about a dozen sites before settling on the 10-acre Tuscana site.

The firm began negotiating with the seller, Quail Springs Land Development, LLC, more than a year ago, Garrett says. A team of Hendricks & Partners brokers negotiated the sale: Aaron Hargrove in Tulsa; Tim McKay in Oklahoma City; and John Clayton in Little Rock. The parcel, located at Northwest 150th Street and May Avenue, sold for $1.7 million.

While the property was under contract, Garrett says Watermark went through the zoning and approval process with the city and obtained a HUD 221(d)4 construction loan. It also nailed down its architectural plans with Dallas-based Humphreys & Partners Architects.

Watermark at Tuscana will feature Humphrey’s innovative e-Urban design – a high-density plan suitable for both urban infill sites and suburban locations. “The project will be a new offering to the Oklahoma City market,” Garrett notes, adding that it will feature a mix of one, two and three-bedroom units. “It is a perfect fit for the live-work-play environment of Tuscana.”

Units will feature nine-foot ceilings, granite countertops and stainless appliances, while community amenities will include several outdoor livings areas with fireplaces and fire pits, a resort-style pool and outdoor kitchen and a clubhouse with a game room and business center.

Watermark at Tuscana is the first project to begin construction in the mixed-use development, which was planned by locally-based Raptor Properties. Garrett says Watermark will begin the leasing process in October and will begin welcoming residents in January. The entire community will be finished no later than June 2012, he estimates.