Centerville luxury apartment construction surge brings $100M, more than 900 units

A $35 million luxury apartment complex in Centerville with 360 units is expected to be completed early next year.
Gateway Lofts has leased the vast majority of the nearly 180 finished one- and two-bedroom units at the 701 E. Alex Bell Road complex near Ohio 48 and Interstate 675. MARSHALL GORBY\STAFF
A $35 million luxury apartment complex in Centerville with 360 units is expected to be completed early next year. Gateway Lofts has leased the vast majority of the nearly 180 finished one- and two-bedroom units at the 701 E. Alex Bell Road complex near Ohio 48 and Interstate 675. MARSHALL GORBY\STAFF

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About $100 million in luxury apartments are being built or have been completed this year in Centerville, giving the city an economic boost while providing multifamily housing growth not seen in decades.

Allure Apartments, Gateway Lofts and Cornerstone Apartments will add a combined 912 new dwellings, expanding options for future residents and present an outlet for those who want to downsize from homes but stay in the city, officials said.

The developments, according to the city, include:

•Allure, a $30-35 million investment of 312 units.

•Gateway, a $35 million project with 360 units.

•Cornerstone, a $32 million plan for 240 units.

“This is an amount of investment we haven’t seen in the city” for apartments, Centerville Community Development Director Michael Norton-Smith said. “But we think it is an opportunity to diversify our housing options.

“This is an opportunity for new professionals to move into the community,” he added. “And on the other side, these present an opportunity for people who’ve lived their entire life in the community and want to remain here, but may not need the same single-family home they’ve had.”

More than 50% of the city’s 23,700 population is age 18-64 and 27% are 65 or older, U.S. Census figures show.

The last apartment complex built in Centerville was in 1996, City Planner Mark Yandrick said. Allure and Gateway – both of which are open but not complete – have leased the vast majority of available units, property managers said.

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While the pandemic and related economic uncertainty have generally caused a slowdown in rental activity, cities in metro areas like Dayton have seen rent growth accelerate in recent months, according to Apartment List, a company that tracks rental properties nationally.

A report by Apartment List says the next year might be a good time for apartment growth as more people continue to work from home. There is evidence that a growing embrace of remote work will outlast the pandemic, according to Apartment List.

Gateway Lofts has leased all but a handful of the nearly 180 finished one- and two-bedroom units at the 701 E. Alex Bell Road complex near Cross Pointe Shopping Center, Ohio 48 and Interstate 675, officials said.

All 15 buildings are expected to be finished next spring.

The 32-acre development by Hallmark Campus Communities of Columbus has more than a dozen floor plans ranging from 647 square feet to 1,066 square feet, according to its website.

Monthly rates range from $980 to $1,410.

Upon completion, Gateway will have 256 one-bedroom apartments and 104 two-bedroom units, its website states.

Amenities include a clubhouse, swimming pool, fitness center, tanning salon, grilling area, walking trails, washers and dryers in each unit, and garage space.

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Located nearby is Allure, which behind the Cross Pointe. It has about 85% of its planned units leased and its last of seven buildings will be complete by the end of the month, Property Manager Gillian Molnar said.

The complex is a joint venture between the Cincinnati-based Hills Properties and Beavercreek-based Mills Development off Loop Road.

Allure has one- and two-bedroom units that offer dens, half baths, in-unit washers and dryers, nine-foot ceilings, stainless-steel appliances, and quartz countertops, according to its website.

The complex features a fitness center, a pool, a social deck with fire pits and grilling stations, as well as an on-site dog park and resident “retreat” with a cyber cafe and conference room, the website states.

A $35 million luxury apartment complex in Centerville with 360 units is expected to be completed early next year.
Gateway Lofts has leased the vast majority of the nearly 180 finished one- and two-bedroom units at the 701 E. Alex Bell Road complex near Ohio 48 and Interstate 675. MARSHALL GORBY\STAFF
A $35 million luxury apartment complex in Centerville with 360 units is expected to be completed early next year. Gateway Lofts has leased the vast majority of the nearly 180 finished one- and two-bedroom units at the 701 E. Alex Bell Road complex near Ohio 48 and Interstate 675. MARSHALL GORBY\STAFF

Units range in price starting at $1,225 a month.

Cornerstone is a 40-acre complex being built on Cornerstone North Boulevard as part of Oberer Companies’ Cornerstone at Centerville development.

The land was sold to J.A. Murphy, a Knoxville, Tenn., developer, said Danielle Kuehnle of Oberer.

Construction began in March and is targeted for completion in August 2021, said J.A. Murphy Development Director David Arning. Leasing is expected to start in the spring, he added.

Originally planned as a 300-unit complex, developers later opted to trim the project, according to the city.

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“The location has great access and sits in the middle of a new mixed-use development with first class shopping, dining and recreational opportunities,” Arning said in an email. " We also believe the condo-grade finishes and amenities set our communities apart.”

Norton-Smith expressed similar thoughts.

“We think the proximity to amenities is really what’s driving the investment in these communities,” he said.

Having the three developments within walking distance of retail centers “will be an amenity that is attractive to the people looking to rent,” Norton-Smith said.

By the numbers

•$100M: Approximate combined investment for Allure, Gateway Lofts and Cornerstone Apartments.

•1996: Last year a new multifamily development was built in the Centerville.

•912: Apartment units being built this year or completed in the city.

•27: Percentage of Centerville residents 65 or older.

SOURCES: City of Centerville and the U.S Census.

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