The growing population in Edmond, Oklahoma, had few new multifamily developments to infuse supply until December when the Kelly Hollow project finished construction.
The 250-unit rental complex north of Oklahoma City focused on wellness with amenities such as walking trails, natural light and pickleball courts. Units range from one- to three bedrooms with prices between $1,320 and $2,340, on par with average Oklahoma City market rents and slightly higher than Edmond rentals, according to CoStar analysis.
The Kelley Hollow project earned a 2026 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
A report by Catalyst Capital Fund, an investor in mixed-use commercial developments, projected Edmond will need 12,000 to 15,000 new housing units over the next five years to meet demand. But developments remain tricky in the area, say judges and a CoStar analysis. Higher median incomes in the area and resident preferences for low-density housing has traditionally limited projects like Kelly Hollow.
The Kelly Hollow project is located 1.3 miles outside of downtown Edmond, giving residents easy access to local attractions while supplying immediate amenities like a clubhouse, pet spa, wellness hall and green spaces. The development team designed the product with energy-efficient design principles.
About the project: Kelley Hollow broke ground in October 2024 and was completed in December.
What the judges said: Judges commended the project for addressing a difficult need.
"Edmond is the hardest community in the metro to develop multifamily and the most in need of it," said Jim Parrack, senior vice president of Price Edwards & Company.
"The 250-unit community offers much-needed density to the Edmond multifamily market," said Eric Long, research economist with the Greater Oklahoma City Chamber of Commerce. "This is a part of the metro that has had challenges offering multifamily options."
They made it happen: SSLM Development led the development and Ideal Homes constructed the project, while the Scott Group manages the property.
CoStar Market Manager David Smiley contributed.