A new apartment complex in Oakwood received its first residents earlier this week, and the property will soon have a neighboring complex developed by the same company.
53 West, which will eventually have 266 units, is located off Mundy Mill Road, near the intersection with Millside Parkway. The clubhouse and first building are ready for occupancy, according to developer Trace McCreary with Varden Capital Properties. The property will have 10 buildings and is set to be completed in June, he said.
53 West had about 15 residents as of Friday morning, McCreary said. The property is a joint venture between Varden Capital Properties and Tellus Partners.
Rent at 53 West is $1,195 for a one-bedroom apartment, $1,350 for a two-bedroom and $1,500 for a three-bedroom.
McCreary said the growth in South Hall motivated the company to develop in Oakwood.
“There’s so much dynamic economic activity going on up there, and the growth,” he said. “In my view, there’s a dearth of quality housing. There hasn’t been much new apartment development there.”
Varden Capital Projects and Tellus Partners will also develop another complex next door to 53 West. McCreary said the two properties will have the same architect and similar rent prices. The other complex, which is yet to be named, will have 194 one, two and three-bedroom units.
Groundbreaking for the second complex is set for this summer, with completion slated for the end of 2020.