ANDERSON – A Pennsylvania development company is bullish on the local housing market.
Millennium Hill last year purchased and remodeled the former Arbor Village Apartments, renaming the complex Parq on Eighth Street. The company recently purchased the former Chase Apartments on East Tenth Street, as well.
Dylan Linsky, one of the owners, said the two Anderson housing complexes were attractive investment properties.
“These were properties that were not being maintained,” he said. “We think Anderson should have some quality housing comparable with what is in Fishers and Noblesville.”
The company purchased the former Chase Apartments, which were constructed in 1966, at a cost of $610,000 and is investing more than $1 million in the project.
The company had invested about $500,000 to remodel the former Arbor Village Apartments.
Linsky said the Chase complex will be renamed The Mint and is scheduled to open for occupancy by October.
The 94 units in Parq on Eighth Street are more than 80 percent occupied, according to Linsky. The Mint will contain nine one-bedroom and 27 two-bedroom apartments.
“The Arbor Apartments were a complete disaster, and we did a full rehabilitation project,” Linsky said. “The complex was going great, and we were interested in doing another project in Anderson.”
Millennium Hill also considered purchasing the partially completed Delaware Court Apartments at West Tenth and Brown/Delaware streets, but parking there was a concern.
“We’re doing upgrades to every single unit,” Linsky said of The Mint. “There will be new windows, electrical upgrades, plank flooring, plumbing issues will be resolved, new kitchen cabinets and appliances and replacing many of the heating and air conditioning units.”
Washing machines and dryers will be available on the property for tenants to use.
“We’re trying to decide what to do with the large outdoor space,” Linsky said of The Mint. “We would like to include some outdoor activities and a pavilion for the tenants to use."
Linsky said the first four-unit building should be completed in August and the schedule calls for an additional four-apartment unit building to be finished every seven to 10 days.
“We have been pleased with the response,” he said. “It’s tough to rehabilitate a property that has been vacant for a period of time.”
Linsky said the apartments will rent at rates competitive with other units in Anderson. He estimated a two-bedroom apartment would rent for $700 and a one-bedroom unit for $650 a month.
Picket Fence of Anderson is doing the electrical and remodeling work, and local company Big Head Industry is installing the windows.
The facility will be managed by Anderson-based Jably’s Property Management.
Pre-leasing is currently available by calling 765-393-2199.
Follow Ken de la Bastide on Twitter @KendelaBastide, or call 640-4863.