The Land Co., a Coeur d'Alene real estate development company, has started construction of an $11.2 million, 132-unit apartment complex in the northwest corner of Coeur d'Alene, says Thomas Anderl, the company's owner.
As of last week, the City of Coeur d'Alene had issued building permits for eight six-unit apartment structures, and Anderl says the complex, which is named Carrington Place, will have a total of 22 six-unit apartment buildings.
The Carrington Place project site is located on vacant land just east of Landings Park and in the heart of The Landings, a big residential development located south of Prairie Avenue and east of Huetter Road.
The first rental units will be available for lease at Carrington Place in May, and the entire project will be completed in about a year, Anderl says.
The Land Co. is acting as its own contractor on the project, and RND Architects PLLC, also of Coeur d'Alene, designed it, he says.
Carrington Place will have one- to three-bedroom units with living space ranging from 800 square feet to 1,200 square feet of floor space. The two-story apartment buildings each will have attached garages, he says.
Anderl says monthly rents will average in the low $800s, and Resort Property Management, of Coeur d'Alene, will handle the leasing.
The Coeur d'Alene market has a strong demand for apartment units, he asserts.
"Apartment vacancies are extremely low," he says. "I feel the project should fill quickly."
Anderl and Coeur d'Alene attorney John Magnuson head up Mulligan Investments LLC, which has been developing The Landings for a number of years. The development includes more than 1,000 lots for single family homes.
The Landings is about three-quarters built out, and Mulligan Investments plans to sell about 40 lots to homebuilders this year, Anderl says. Home prices in The Landings have been starting at $175,000 recently, he says.
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