Denton Floyd Real Estate Group has plans for a new luxury apartment complex near the Paddock Shops.
The Jeffersonville-based developer recently purchased a little under 7 acres of land at 4805 Olympia Park Plaza for $6.23 million. Called The Sterling, the 277-unit apartment complex will consist of a mix of one and two bedrooms.
“We believe, based on our plans and high-end amenities, that this will be the nicest luxury apartment community in the East End corridor,” said Mitch Collins, president and partner at Denton Floyd.
Patrick Richardson, vice president of Capital Markets and principal at Denton Floyd, said one bedrooms will total 718 square feet, while two bedrooms will total 1,130 square feet. The rental rates will range from $1,730 for one bedrooms and $2,450 for two bedrooms.
The outdoor amenities include a resort style pool with cabanas and gourmet grilling stations, Richardson said. There will also be a putting green, cornhole, EV charging stations and a pet park and spa.
The complex will have a 24-hour fitness center that overlooks the pool. The clubhouse will have a cybercafé and business center.
Construction will likely begin in the spring of 2024 and be completed in two years.
TRIO Commercial Property Group was the sole broker on the land acquisition. Denton Floyd is the general contractor on the project, and Luckett & Farley provided the architectural work.
This is one of the last pieces of land in that area that was viable for housing, and Collins said the area has the demographics for building luxury housing.
“Our view is that this new project, while it will represent luxury apartments, is also going to provide much needed workforce housing in the immediate area,” Collins said. “We are very excited to be developing The Sterling, and we think there's a lot of housing demand still needed out in the East End. Our development is surrounded by tons of Class A retail, including the Paddock Shops.”
Denton Floyd has 185 team members, and it's projected to do about $220 million in revenue in 2023.