CASE STUDIES

LEGEND PARK APARTMENTS

Lawton, OK
Large club room for resident activites.

Details & Amenities

  • One, Two and Three Bedroom Floorplans
  • Gated Community
  • Two Fitness Centers
  • Two Swimming Pools with Misting Decks
  • Full Size Washer/Dryer in every unit
  • Pond with fountain surrounded by exercise trail
  • Garages
  • Outdoor Fireplaces at Grills
  • Pet Park
  • Playground
  • Gazebo
  • Business Center
  • Conference Room
  • Fully Equipped Kitchen in Clubhouse

Legend Park Apartments
3501 E. Gore
Lawton, OK 73501
Phone 580-248-3500
360 Units


When the Cornerstone Team first set its sights on Lawton, Oklahoma, most local observers questioned the move. Even the local HUD office, Cornerstone’s selected method of financing the project, was skeptical. Would the Lawton market accept and embrace the higher-end product and corresponding rents that the project would require? The initial community was slated to be 360 units. Cornerstone elected to break the project into two phases – a 264 unit phase I, and an additional phase of 96 units if phase I proved successful.

NE Construction of Lewisville, Texas was selected as the general contractor. The appealing design by Galier Tolson and French is the most up-scale apartment community ever built in Lawton. Pre-leasing of Legend Park began three months before the first units were delivered. Interest from the market exceeded expectations and seventy units were leased before the clubhouse was complete. The market demand was very high, requiring NE Construction to deliver units even faster than projected. Thanks to a great set of plans by the architect which required few field changes, and a masterful strategic plan from the contractor, NE was able to deliver all 264 units 4 ½ months ahead of schedule.

Today, Legend Park has maintained a 98% average occupancy rate, in a market that is known for it’s high turnover. Ownership did not have to use a single dollar of the $782,000 Initial Operating Deficit, an amount required by HUD to be put into escrow at closing to handle any cash flow shortages either before or after closing into the permanent loan. Legend Park is well known by HUD and has been referenced as a benchmark of how to design, finance, build and lease 221(d)4 apartment projects.

The quality of Legend Park for the Lawton market was very high in terms of unit and project amenities. A large club room for resident activities, a fitness center, and resort type pool and spa attracted those residents looking for a high-quality of life. The fully fenced and gated community also offered residents a lake with jogging trail and outdoor fitness stations, a playground, and garages. Thanks to an aggressive marketing strategy by the Cornerstone team, Legend Park was 100% leased in seven months from the day the first units were occupied, at rents considerably higher than initially projected and underwritten for financing.