BRIEF: Green Tree apartment construction to start
Apr 10, 2012 (Menafn - The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) --Oxford Properties of Atlanta plans to begin construction in August on the first building in the 272-unit City Vista apartment complex in Green Tree, after obtaining an equity loan of 11 million from Preferred Apartment Communities of Atlanta.
"We are waiting for final decisions by local banks for 29 million of the 40 million needed for the project, with plans for the first building to be ready for occupancy in the summer of 2013," said Bill Brown, a Philadelphia-based development partner.
Rent is expected to cost an average 1,250, plus utilities, when the first of the four planned buildings is completed. The complex on the 16-acre, former golf driving range behind Parkway Center will consist of 90 one-bedroom, 18 one-bedroom with den, 148 two-bedroom and 16 three-bedroom units, he said.
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