Paying up to live it up: luxury apartments filling up quickly
ABC57 News has been reporting for more than a year, that newer, more expensive living is becoming a part of Michiana. After checking up to see how these luxury apartment complexes are doing, ABC57 found they are doing better than expected.
"The area is really growing and thriving," says Brooke Davis, the Regional Property Manager of the Bradley Company. "We're offering what people want."
GrandView Flats and Town Homes in Granger is 55% occupied and 63% leased out.
Davis says, Michiana was ready for something like this
"It's what people want. They want Granger, they want shops and restaurants and retail," adds Davis "Right here at GrandView we have retail space and lot of interest lately."
Downtown South Bend is seeing it too.
The LaSalle opened in March, and already it is 80% leased, and is half occupied.
The leasing agent in the office told ABC57 News, there's still a lot of construction going on
But construction isn't a problem for the Studebaker Lofts in the JMS Building. They only started accepting leases in February.
"Currently we're 63% leased and there are 46 apartments. We already have 18 of those apartments occupied, so we don't have that many more to go," says Michael Zink, the Senior VP of Bradley Company.
Zink believes part of their success is due to the lack of luxury buildings in the heart of the city.
"There was a void downtown and we believed there was an interest in downtown living, which turns out to be true," he explains.
He thinks that people are willing to pay a pretty penny to live where and how they want.
The average rent of the five apartment complexes ABC57 News checked in on, was around $1,000 a month for a one bedroom and $2,000 a month for a two bedroom.
"People may misread the demographics here. The town is fragmented, like most towns are," adds Zink. "People are seeking higher level accommodations and higher services. The market is out there, and the product is now showing up."