It’s not every day you walk into a bank and leave with a deed, but the stars aligned for first-time homebuyers Jacob Banks and Lara Gustafson.
The couple, both age 24, described a somewhat serendipitous drive to Tahlequah where, on an impulse, they pulled into RCB Bank to ask about mortgage rates. The banker told them he’d just heard about Flat Rock Ridge in north Tulsa.
“He gave us the prices and all incentives and down payment assistance, and everything seemed to line up with what we were looking for,” Banks said. “So it was just a beautiful opportunity for us.”
The new construction deal included down payment assistance and help with closing costs that put it just within their $175,000 budget for a three-bedroom, two-bath house.
Helping first-time buyers like Banks and Gustafson is part of Capital Homes’ mission with Flat Rock Ridge — making home ownership attainable.
It’s been about 50 years since a similar planned development of single-family homes was built in north Tulsa, said Merton Huff, a new home specialist with Capital. Since being put on the market this year, 14 of 73 lots have been sold.
“There has been decades of disinvestment in north Tulsa and policies that led to poverty, and there is an effort now to reverse that trend,” said Evan Charney, chief of staff for Capital Homes.
With Flat Rock Ridge, Capital Homes added its first north Tulsa investment to a portfolio that spans the metro area.
The development is adjacent to the Envision Comanche community that is under construction. It replaces former Comanche Park Apartments that were Section 8 housing rentals. The new complex is a different model, leaders say — a community of mixed-income tenants who can apply for voucher-supported, affordable or market-rate units.
“We are glad to be an anchor of stability, along with the other economic development efforts in the area. Bringing in new rooftops will eventually bring in more retail and commercial investment,” Charney said.
To qualify for assistance, total household income must not exceed $170,000 annually and buyers must live in the home for at least five years. The down payment assistance is offered in tiers by income range but maxes out at $25,000. Capital Homes also offers a separate $20,000 incentive that can be used for upgrades, rate buy-down or help with closing costs.
There are 22 different floor plans ranging from two to five bedrooms and starting at $201,000.
Banks and Gustafson are excited to move from south Tulsa to be part of the growing Phoenix District. There are multi-family complexes nearby as well as a small RG Foods grocery store. Capital Homes is also developing trails and a neighborhood park.
Huff said the homes are attracting buyers of all ages, from people in their 50s or 60s who are downsizing to younger first-time buyers.
“We’ve had families who’ve lived in north Tulsa all their life, who’ve been renters and who are becoming homeowners,” Huff said. “I’m excited to see it come to life.”
Gustafson and Banks said they expect to move in this summer with their two dogs.
“We were very fortunate to walk into a great opportunity, and of how we came about it,” Banks said. “Especially with the growth that’s forecasted in the area, it seems like it is going to be a really nice place.”
And because of the serendipity of it all, they plan to live there for more than five years. They might even consider a move into a larger house in the same neighborhood as their family grows.
“Every day I thank goodness we pulled into that parking lot,” Gustafson said.
