April 728x90TopBanner

Apple Ridge fills need for city rental housing

By MICHAEL KITCH, LACONIA DAILY SUN

LACONIA — Apple Ridge, an apartment building on Provencal Road, began leasing in September, and about a quarter of the 48 units are already occupied, an indication of the robust demand for modern rental accommodation in the city.

Apple Ridge, together with the Perley Canal Mill apartments at Beacon Street West, opened by Chinburg Properties of Newmarket, represent the first rental properties neither restricted to qualified tenants nor built with subsidized financing to be developed in the city in more than three decades.

"There has been no new product coming onto the market, especially in Laconia," developer Dick Anagnost said, "and the demand for rentals is very strong. That's why I built it."

Built by developer Dick Anagnost of Manchester in partnership with Brady Sullivan Properties, also of Manchester, Apple Ridge is a virtual twin to an adjacent building leased to Lakes Region Community College, which became only the second of the seven community colleges to offer student housing.

While each building houses 48 units, divided among one, two and three bedroom apartments, with nearly identical floor plans, Anagnost said that the apartments at Apple Ridge are fitted with superior amenities. These include stainless steel appliances and polished granite countertops in the kitchen, washers and dryers in each unit, walk-in closets and bamboo plank floors. The units have private decks, along with individual heating and cooling systems. And pets are welcome. The building houses a fitness room with cardio equipment and a conference room for the use of residents..

Apple Ridge has 37 two-bedroom units, renting for $1,175 to $1,200 per month, 10 three-bedroom units renting from $1,275 to $1,300 per month, and one one-bedroom unit renting for $1,050, plus utilities. Anagnost described the rents as "comparable, maybe a little above" the market, but noted the quality of the units exceeds much of the rental inventory in the city.

With Anagnost expecting all the units to be leased by early spring and all 30 units at the Perley Canal Mill are already leased, the two projects stand witness to the demand for rental housing.

11-02 Apple Ridge apartments11-02 Apple Ridge apartments 2

11-02 Apple Ridge apartments 311-02 Apple Ridge apartments 4

The Apple Ridge apartments in Laconia began leasing in September and are open to all to rent. (Michael Kitch/Laconia Daily Sun)