“This was a project that actually came before this planning commission through two different phases in 2021.”
Colton Hyble is the Assistant Director of Community & Economic Development for the city of Wyoming. He explained to the city’s planning commission that Granger Group, the developer of the 138-unit Reserve Flats apartments, wants to convert those rental units into for-sale condos.
“We’ve struggled to maintain occupancy at levels that make returns to our investors.”
Granger’s development director, Lindsey Leblanc, explained to the commission that demand for the rental units never met expectations.
“A number of apartment complexes have also come online, and this development is different in the sense that it’s not a walk-up or a multi-level apartment. It’s very much a condominium-style living. And with that, because of the size, the layout, the way it was built, one of the most expensive developments in the city to rent from.”
Rental rates for Reserve Flats are around $2,300 a month with an occupancy rate of about 82%.
In the past 4 years, at least six rental developments totaling over 900 units have opened throughout the city, including affordable housing projects like Shea Ravines.
According to city documents, Reserve Flats’ for-sale units are expected to be priced between $345,000 to $360,000.
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