New Andover Apartments Begin Phased Opening Next Month
Dec 24, 2013
The first phase of Vantage Point Properties’ 208-unit SunStone Apartment Homes in Andover is targeted for opening mid- to late-January, according to Randy Furstenberg, chief financial officer for Vantage Point.
The first two buildings, with eight units each, will open, followed by a phased opening of the balance of units through mid-2104, with all buildings open by July, he says.
The general contractor for the roughly $20 million project near Dillons Marketplace is The Law Co. Emprise Bank is providing financing.
Customer interest in the Class A apartments has been strong, with 150-plus people that have called about them, although the application process hasn’t started yet, Furstenberg says. Vantage Point hopes to start qualification and preleasing by next week.
Why so much interest?
Several factors, Furstenberg says.
“Location is a big factor, being in Andover, there’s not a lot of multifamily rental available in Andover,” he says. “And everybody likes Andover schools. … Also, we’re building a good-quality product” in an attractive location convenient to shopping, the YMCA and Kellogg.
Units include washers and dryers, granite countertops and vaulted ceilings in some on the top floor.
“As we’ve seen over the last few years, the demand for multifamily has grown in the Wichita area,” Furstenberg says.
Rents will be just less then $1 per foot, or starting from about $800.
John Stearns, Reporter Wichita Business Journal