LACONIA — Dick Anagnost of Anagnost Properties of Manchester, who is developing Apple Ridge Apartments on Provencal Road, said yesterday that he expects the first building to be ready for occupancy in December and the second building a month later.
Provencal Road branches off from Mile Hill Road, just outside the Laconia Bypass.
The complex, constructed on 11.75 acres overlooking the bypass, consists of two building, each with 48 units. One building, with 8 three-bedroom units, 37 two-bedroom units and three one-bedroom units, has been leased to nearby Lakes Region Community College to serve as a dormitory, which for the first time will enable the college to enroll residential students. The second building, with eight three bedroom units, 39 two bedroom units and one one-bedroom unit, will be offered at market rents. All the units are 984-square-feet in size.
Anagnost said that apart from the buildings themselves he brought municipal water and sewer service and a natural gas supply to the site as well as reconstructed Provencal Road. He estimated that the project represents an investment of $10 million.
Anagnost anticipates that most of the demand for the units will come from 29 to 35 year olds and 62 to 75 year olds. He expects the new inventory to fill relatively quickly as residents of older units move into them. As vacancies increase at other properties, landlords could be faced with lowering the rents or improving their properties to compete.
Anagnost Properties has designed a third building, designed for 18 rental units on an abutting 3.66-acre lot off Apple Ridge Road, but has yet to present the project to the Planning Board of its approval.
The market-rate rental units are among the first built in the city since the 1970s.
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