A new 56-unit senior living, fixed-income apartment complex located off U.S. Highway 231 in Wetumpka is expected to open later this year, according to Hollyhand Properties owner Brian Hollyhand.
“Last time we looked at the schedule, we are looking at opening in the fall to winter timeframe,” he said.
The complex, named Nathan’s Ridge, was announced by DSI Real Estate Partners in June 2019.
According to a press release, the estimated cost of the project is $11,728,098.
Based in Northport, Hollyhand Properties will handle leasing and manage day-to-day operations of the complex.
Hollyhand said the development will include two-bedroom, two-bathroom apartments and one-bedroom, one-bathroom apartments located in two, three-story buildings.
“Nathan’s Ridge will be for residents 55 and older on fixed incomes,” Hollyhand said. “One-bedroom apartments will rent for around $576 a month. Two-bedroom apartments will be $615 a month.”
The rent also includes water, sewer and trash collection.
Hollyhand said the development is already receiving interest.
“We’re already getting people contacting us,” he said. “We are not really at a point to process applications yet.”
He said people interested in the development can call 256-560-0821 and their names will be added to a waiting list.
“We are putting people on a list and will start calling them closer to the time we are ready to open,” he said.
Hollyhand said the developer was interested in Wetumpka because there is a need for more affordable housing in this area of Alabama that is growing.
“That area has a need for housing, particularly for this market — the 55 and older residents,” he said. “I think the development will turn out great. We are really excited to provide some new housing for people and we are looking forward to opening.”
According to a June 28 announcement by John Stanley and Associates, Nathan Ridge Ltd purchased the 7.81 acres where the complex is located. The final sale price of the property was $550,000.