As Columbus enjoys its biggest apartment building boom in years, Vision Development, Inc. is joining those trying to capitalize on the area’s growing population and improving economy. The Columbus Dispatch reports that the Upper Arlington developer has started work on a $23 million apartment and town house complex on Columbus’ West Side.
Vision Development purchased a 14-acre parcel for the project on Edwards Farms Road on March 8, and began site preparation a few days later. Dubbed District Apartments, the complex will offer 228 one-, two- and three-bedroom units with fully equipped kitchens and modern amenities.
Residents will have access to on-site management, a swimming pool, an exercise room, community space, a business center and organized activities. The complex will be close to shopping, employment, recreation, dining, entertainment and educational resources. Major highways and public bus transportation are nearby.
Vision Development expects to start leasing the units this fall and complete construction in the summer of 2014. Monthly rents will range from $930 to $1,795.
According to Marcus & Millichap Real Estate Investment Services Inc.’s annual apartment report, builders will complete 1,100 multi-family units in Columbus this year, almost double the total for 2012.
Demand will remain high, however, and vacancy will fall to 5.5 percent by the end of the year. Asking rents are expected to increase to $720 per month while effective rents will climb to $687, representing upticks of 2.9 percent and 3.3 percent, respectively.
Photo credits: Vision Development, Inc.
Charts courtesy of Marcus&Millichap.