Texas Multifamily Firm to Break Ground on 55 yr. and older Development Project in Norman, Oklahoma
admin / December 2020
South Norman Project should be complete by Spring 2022.
Austin, Texas-based multifamily firm Sparrow Partners is set to break ground on its first development in Oklahoma: a 168-unit housing complex for residents 55 years and older in Norman called Sage Cobblestone.
Set to be the first “active adult community” in Norman, Sage Cobblestone will be located adjacent to the Cobblestone Creek Golf Course and about 2 1/2 miles from the University of Oklahoma at 4402 12th Ave. SE. The complex’s first residents are scheduled to move in at the nearly 6-acre property in the spring of 2022.
The complex will offer a mix of one- and two-bedroom floor plans ranging in size from 615 to 1,285 square feet. Rents are set to range from about $1,400 a month to $2,055 a month, far less than the $3,345 average monthly cost of an assisted living facility in Oklahoma, according to Sparrow, citing SeniorCare.com. Sparrow notes the savings are possible due to cutting back on the kinds of services most adults don’t need until later in life, such as onsite medical care and meals.
Sage Cobblestone will feature a daily schedule of activities, including happy hours, group outings, wine tastings, cooking classes, game nights and a wide range of fitness classes. And its amenities include a resort-style pool and sundeck, fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and pickleball court. The cost of all activities is included in the monthly rent.
While this may be the fast-growing Austin firm’s first project in Oklahoma, Sparrow has opened several similar properties across the country in the last three years and has 14 more currently under development.
For the Record
Sparrow Partners will build and own Sage Cobblestone, while its subsidiary Sparrow Living will manage the property. Fugleberg Koch is the project’s architect, Kimley-Horn is the engineer, Norris Design is handling landscape design, Integrity Structural is overseeing structural design and Joseph Lawrence & Co. is handling mechanical, electrical and plumbing engineering.
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