The latest wave of downtown apartments is hitting the market this summer as the K&D Group, currently the largest developer of downtown housing, gradually converts the former Embassy Suites at Reserve Square into new market-rate apartments.

K&D is releasing units floor by floor, with the first set having come online in May. The renovations include granite countertops and stainless steel appliances. There will eventually be 218 suites released; 120 of these will be corporate housing and 98 will be market-rate apartments. The corporate suites include furnishings, high-speed Internet, cable with HBO and light housekeeping with the rent.

K&D is calling the new apartments Reserve Square West (Reserve Square has over 900 units). Lease rates for market-rate apartments range from $785 to $1,800 per month; corporate housing rates range from $1,350 to $2,350.

"There are panoramic views from the building," says Cheri Ashcraft of K&D, who notes that one upper floor suite is called "The Laker" because of its lake views. "My phone is ringing off the hook; the first corporate housing units were pre-leased. People are coming into town for projects or they're being transferred here."

Downtown apartment occupancy rates continue to hover around 96 percent. Ashcraft says the new Reserve Square West units appeal to a discerning buyer who wants the amenities of new construction in a rental product. "It's like moving into a brand new house," she says. "You are the first one to be in that suite."

Source: Cheri Ashcraft
Writer: Lee Chilcote