New 503 apartment complex by Oregon District to open this month

Weyland Ventures expects to open 158 apartments in the ‘Oregon East’ area, across Wayne Avenue from the northern side of the Oregon District

A Kentucky developer’s second housing project on the east side of downtown Dayton is almost complete, which will add 158 new market-rate apartments in an area that is being called Oregon East.

The 503 is a four-story apartment building with a small frontage on Wayne Avenue, stretching to the east between Fourth Street and the elevated railroad tracks. It is the former site of Garden Station, a community garden and art park.

The east wing of the new apartment building is very close to completion, while the west wing should be finished not long after that.

Residents are expected to start moving in around mid-May, and the remaining apartments should become available for move-in sometime in June, said Josh Mosher, director of asset management with the developer, Louisville-based Weyland Ventures.

The 503 apartments, located at 503 E. Fourth St., will be on display from 1 to 5 p.m. this Saturday, May 11, as part of the Downtown Housing Tour.

In 2017, Weyland Ventures opened a 40-unit apartment building called the Wheelhouse Lofts directly across Fourth Street from the 503 apartments. The firm converted the historic property — a former automobile assembly plant — into 40 new apartments and a popular bar and restaurant called Troll Pub.

The Wheelhouse apartments have remained in strong demand since they opened, with an occupancy rate usually above 90%, said Ashlyn Ackerman, head of design with Weyland Ventures.

Weyland Ventures also rehabbed the nearby historic Dayton Motor Car building, creating new offices.

Weyland Ventures wants to continue developing a vibrant new urban area called Oregon East, east of Wayne Avenue and east of the Oregon District’s existing entertainment district and residential neighborhood.

“With the additional investments we’ve made in the Troll Pub and Dayton Motor Car building, as well as investments and new openings in the Oregon District, we felt that the additional apartment units and residents would be an asset to the neighborhood,” Ackerman said.

The 503 lists studio, one-bedroom and two-bedroom apartments (518 to 956 square feet) at prices of $1,105 to $1,610. Developers said preleasing has already started for half of the apartments and the other half are available for reserve.

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