Apartments progress before mall opening

EAST COUNTY — A wave of apartment communities in East County is coming online in time for the Oct. 16 opening of the Mall at University Town Center, which is expected to create a demand for affordable housing.

Residents have already moved into Ranch Lake Apartments, a community off State Road 70, and leasing has begun at Creekside Apartments, near Lakewood Ranch High School on Lakewood Ranch Boulevard.
Leasing for units at The Venue at Lakewood Ranch, an upscale, urban apartment community across from Lakewood Ranch Main Street, will begin soon.

In an area that has been underserved by multifamily housing, the three complexes will give consumers plenty of options.

Below, the East County Observer details the progress of new apartment communities.

CREEKSIDE APARTMENTS
A temporary leasing office for the 256-unit Creekside Apartments, the second phase of the adjacent Lost Creek Apartments, opened April 18.

Creekside, developed by Orlando-based PAC Land Development, is located on 24 acres on Lakewood Ranch Boulevard, just north of State Road 70.

Lost Creek, its neighbor, opened in January 2012 and reached 100% occupancy within six months of opening.

Ashley Stewart, a regional manager for Pegasus Residential, the leasing company representing PAC Land Development, said Creekside is already leasing quickly.

“We’re seeing interest from a good mix of people, including students at nearby universities such as LECOM (Lake Erie College of Osteopathic Medicine), working professionals and families,” Stewart said.

Of the 48 units in the community’s first building, 30 had been leased as of May 9.

Another handful of units have been leased in the second building.

The apartment community will ultimately have six four-story buildings housing one-, two- and three-bedroom units.

The first building will be ready for move in July 15, and the second building will be finished Sept. 8.
Amenities in the gated community will include a pool, spa, aerobics room, volleyball court and dog park, among other items.

Stewart expects the entire community to be built-out by December.

One-, two-, and three-bedroom units are available. Rent starts at $1,090 per month.

RANCH LAKE APARTMENTS
Ranch Lake Apartments, a housing community on 48 acres off a winding road behind the State Road 70 Walmart, has tenants currently in place.

“We’re happy where we’re at,” said Sheila Boyd, property manager for Ranch Lake Apartments. “It’s exciting when you have store managers from the new mall (the Mall at University Town Center), calling about leasing. The rental market is really good right now. We know Creekside is opening, but we’re not too worried. People are moving here for new jobs, so there’s plenty of demand.”

Move-in has begun in five of Ranch Lake’s 14 three-story buildings.

The 336-unit complex, developed by Forest Properties, will be finished by the end of the summer.

Some of Ranch Lake’s amenities, such as a fitness center, pool and yoga studio, are completed and being utilized. The clubhouse is fully staffed seven days a week.

Other amenities, such as a tennis court and a basketball court, remain under construction.

Rent starts at $1,065 a month.

THE VENUE AT LAKEWOOD RANCH 
A cluster of unmarked black four-story buildings across from Lakewood Ranch Main Street will soon look like sleek luxury apartments.

Since July, construction crews have worked to complete The Venue at Lakewood Ranch, developed by Atlanta-based Davis Development.

Gene Babb, an acquisitions employee at Davis Development, expects leasing to begin in about 60 days.
The Venue’s three buildings will have elevators.

The 8.5-acre project will feature amenities such as a fitness center and pool area.

“These are resort-style apartments,” Babb said. “It’s different than anything in Lakewood Ranch, given its proximity to dining and shopping.”

Babb said rent likely will be slightly higher than competitors’.