While the company has had apartments at or near its other retail developments, The Greene is the first of Steiner’s holdings to feature townhouses, Willshaw said. Work on the townhouses began in March 2009 and concluded in February.
“It was a flurry of activity to get these done,” he said.
Alecia Fuller, residential manager for The Greene, said 11 of the 18 townhouses have been rented, the majority of those being units with two bedrooms and two bathrooms.
The townhouses range in size from 815 square feet to 1,318 square feet. Monthly lease rates run from $995 to $1,595, she said.
Fuller said features such as separate street-level entrances, street parking and plant boxes maintained by The Greene’s staff give the units the feel of a condominium, which has been a selling point for residents.
The Greene’s first residential phase consisted of 135 apartments. When it opened in 2007, it filled up in six months. Another 53 apartments added to the property in 2008 are more than 90 percent occupied, company officials said.
Fuller said the apartments have a lease renewal rate of 70 percent compared with an industry average of about 45 percent.
David Dickerson, president of Gem Real Estate Group, said he anticipates more luxury townhouses and garden apartments being added to the market in the near future.
The expansion at and around Wright-Patterson Air Force Base will generate demand for more high-end rental housing in Beavercreek while development around the Austin Road interchange, particularly the construction of more corporate offices, should draw additional luxury rental properties to that area, he said.
“I wouldn’t say we’re going to see a robust apartment market,” he said. “But I could definitely see some spot projects dealing with growth out in the east market and growth in the south market by the interchange.”
As for The Greene, Dickerson said much of the attraction lies in the lifestyle the development offers.
“Obviously, it’s an active area,” he said. “There’s entertainment there. There’s an active nightlife.”
Contact this reporter at (937) 225-7317 or ttresslar@DaytonDailyNews.com.
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