Oak Place Apartments

If anything is truly ushering the move to a residential campus, it’s Oak Place Apartments. At the start of the 2008 fall semester, 443 residents moved into the new two-building complex on 5050 Oak Street. Oak Place replaces Twin Oaks Apartments, which housed students for more than 50 years.

Impact

• Provident Group of Baton Rouge, La. and Atlanta-based Place Properties hold a 38-year land lease for the property. After the co-developers have paid their debts and obligations, they will give the remaining revenue to UMKC. The university will then use the revenue to develop campus improvement projects.
• Oak Place’s proximity to campus offers residents relief from ever-changing gas prices. With an all-inclusive rent that remains constant, students can save money on utilities. The rent includes water, sewer, electricity, expanded cable with HBO and high-speed Internet (WiFi and Ethernet).
• By hosting educational seminars and activities, Oak Place will promote a sense of community. Residents also can play sports, grill burgers and talk at picnic tables in the complex’s two courtyards.

Cost

$55 million
Funding is done through a public/private ground lease partnership.

Fast Facts

• The one, two and four-bedroom apartments feature lockable one-person bedrooms with private bathrooms. Each apartment offers a fully-furnished living room, dining counter with barstools, laundry machines, dishwasher, refrigerator and stove.
• By mid-September, 2008, Oak Place will feature a restaurant and convenience store.
• The apartment’s 24-hour fitness center features treadmills, bicycles, elliptical machines, weights and flat-screen TVs.
• The complex’s parking garage, located between the two apartment buildings, has security cameras. Instead of walking outside, residents can park on the corresponding level and walk directly to their apartments.