An Indiana company has broken ground on a $30 million apartment complex developers say will fill an upscale rental need south of the Snyder Freeway.
Cityscape Residential, based in Carmel, Ind., announced plans this spring to build a 300-unit complex near Commerce Crossing on Preston Highway, with hopes of opening the first of 13 buildings by early 2015, company partner Kelli Lawrence said.
The complex — The Apex on Preston — will be the company’s first step into the Louisville market and will likely be the first upscale rentals in the southern part of the city near Bullitt County, Lawrence said.
“If we look at where new construction is, we’re really the first in this sub-market,” she said. “We see it as a great opportunity.”
The Apex development will include one-, two- and three-bedroom units with interior finishes such as stainless steel appliances and wood flooring. It will be built on 15 acres near Interchange Drive and Antonio Way, south of Commerce Crossing, Lawrence said.
The location puts it close to UPS, the GE Appliance Park, Fort Knox and large employers in Bullitt County, Lawrence said.
Metro Councilwoman Vicki Welch, who represents the district where the apartments will be built, said as companies continue to grow and locate to Louisville, many employees new to the area need places to rent. Others simply don’t want the cost of a mortgage.
“A lot of people just don’t want the extra expense of being a homeowner,” she said. “I think it’s a need that we have in the area.”
In addition to the Apex property, Cityscape Residential is planning a 343-unit complex northwest of the Lexington Road-Payne Street intersection called Axis Apartments. The project is estimated to cost $40 million and to start construction later this year.
A leasing office for the Apex development is expected to open near the end of the year to reserve apartments.
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