A new apartment complex is coming to the vibrant, growing market of London, Ontario, where apartment vacancy fell to 2.1 per cent last fall, the lowest it’s been since 2003.
According to the recently released development plans, the new Old Oaks Properties complex will include a 14-storey tower, a 12-storey tower and 14 townhouse units on Morgan Avenue near the intersection of Wonderland and Southdale roads. Both towers will offer apartment rentals, with 161 units and 113 units respectively.
The Morgan Avenue project, which is still unnamed, is located in a strong growth area close to the amenities of the Wonderland Road commercial corridor.
Old Oaks Properties President, Greg Bierbaum, commented that many empty nesters are selling their homes in order to take advantage of the hot real estate market, which has seen record sales set every month this year. The demographic for the apartment complex will likely be a mix of empty nesters and young residents.
About Old Oaks Properties
Old Oak Properties is a developer, builder and manager of luxury apartments in select communities in London, Ontario. The company offers a wide range of apartment styles and suite layouts, with buildings located close to major amenities, including shopping, medical, healthcare and educational facilities
Old Oak Properties recently finished the Mosaik luxury apartment building on Sugarcreek Trail and is completing the second tower of its Hyde Park Place apartment project in the Fox Hollow area. A third tower for that site is also planned.
Construction on the new Morgan Avenue project is expected to begin within 18 months.