First is Berkley House at Bethel Road and Riverside Drive.
Westerville Developer, Preferred Living, has announced a 256 multifamily unit four story apartment complex to built on a 9.7 acre assemblage of seven parcels in Upper Arlington south of Strader’s Garden Center and just south of where Bethel Road meets Riverside Drive.
This is the same developer who is building the 325 Unit multifamily apartment complex on the site of the old Kmart at Bethel and Olentangy River Road.
The developer paid $2.1 million for the seven parcels, and the project is financed with a $22.5 million construction loan from WestBanco Bank.
Preferred Living’s Nick King has stated that the project will have a rooftop deck along with two courtyards. “The attention to detail will be extensive,” King told me in an email. “There has been a great deal of time and planning put into this project, both in the design and working with our partners at the city of Upper Arlington.”
The new apartment complex should drive the development of new net leased retail development in the area.
In addition, another Preferred Living project is under development in New Albany. The $54 million Boulevard Apartments is a luxury multifamily complex designed to look more like the lush apartment complexes one would see in the southwest around Las Vegas and Phoenix where developers make outdoor living the focal point of any design.
The apartment complex will feature southwestern style pools with cabanas with fountain lined boulevards, tennis courts and balconies as amenities. Additionally featured, will be a car wash, Starbucks and professional screening rooms.
Renting is underway.
Regarding net leased retail: this apartment complex should drive vacancy rates and rents higher in the already existing triple net retail along Hamilton Road.