by Dan Rafter
Cityscape Residential is ready to make a big investment in the Louisville market. And that investment is starting with the Apex on Preston Apartments, which will bring 312 high-end multi-family units to the city’s Commerce Crossing Business Center.
Cityscape, a multi-family real estate development and construction firm, is expected to brak ground on the $30 million project in June of this year.
Kelli Lawrence, a partner with Cityscape Residential, said that the project will be a first in the Commerce Crossing area.
“This will be the first truly Class-A property in this submarket of Louisville,” she said. “We are bringing Class-A amenities and finishes to this submarket for the first time. This is the type of multi-family property that is only available on the east end of Louisville. We are excited about what we’re bringing to the market.”
Apex on Preston will include one-, two- and three-bedroom units with such interior finishes as stainless-steel and black appliances, in-unit washers and dryers, designer lighting, wine refrigeration storage and spa garden tubs.
Common areas include a resort-style pool with a grilling cabana, commercial quality fitness center, business center and game room with resident lounge.
This isn’t the last multi-family project that Cityscape Residential has planned for the Louisville market. The company just filed a permit for a second Class-A multi-family development here, the Axis Apartments to be located on Lexington Road across from Distillery Commons in the city’s Irish Hill neighborhood.
Cityscape hopes to break ground for Axis Apartments in the fall, Lawrence said.
“There is still a strong multi-family market here. There is still a lot of opportunity for continued growth,” Lawrence said. “Occupancy remains strong. Supply is peaking out to historical normal levels. We are not seeing oversupply issues like you might have in some coastal markets. There is still a lot of room to add the right product in the right locations in the Midwest markets where we operate.”