Demand is steady for Maxwell Apartments

October 27, 2009
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Locally based Barrett & Stokely Inc. has taken over management of The Maxwell Apartments downtown at 530 E. Ohio St. and found tenants for about half of the available units. The $24-million project, originally planned as condos, was developed by Kosene & Kosene. Part of the building now serves as Kosene's headquarters. But the company earlier this year decided to convert the residential units into apartments and turn over management to Barrett & Stokely, which owns and manages apartments at Riley Towers and Canal Square. Gerry Kosene said the company is renegotiating a loan with Star Financial and still controls the project, which includes first-floor retail space available for lease. Monthly rates for the apartments range from $850 for a 577-square-foot studio to $1,800 for a 1,543-square-foot two-bedroom. About 80 percent of the 100 or so apartment units are ready for occupancy and about half of those have been filled, said Alex Stokely, vice president with Barrett & Stokely. Interest has been steady, particularly for the studio and one-bedroom units. The higher end spaces haven't leased up as fast, he said.

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  • Maxwell
    Happened to notice this article and thought some of you might be interested.
  • Developer's, Are you Reading?
    This should serve notice...downtown NEEDS more lower-end price points. The market is completed FLOODED with high-end units. Build a tower comprable to Riley in size and height with only 1-bedroom or studios and watch it lease out in a few months.
  • Developers are you reading?
    The Trailside new apartments on Mass Ave across from the Mass Ave Wine shop will be 70 plus one bedrooms for $630 a month for individuals making $28,620 annually and all the way down to $300 a month for individuals making $14,300 a year with appropriate rents in between those two income levels.
  • Kosene&Kosene Management
    Kosene & Kosene calls itself a "development & management" company. I believe they are the property management company for the Hudson & Packard. Are they getting out of the property management business? Why not manage the Maxwell?
  • across the street
    Anyone know if there are any plans to conceal or at least mute the impact of the huge electrical substation immediately across the street from the Maxwell? I guess this is less of a concern if the units are leasing well, but it certainly would have made a hard sell for condos with that eyesore across the street. And it might not help the desirability of the first-floor retail either.

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