GRAND RAPIDS TOWNSHIP — An Indianapolis-based developer is planning a 320-unit luxury apartment complex along Beltline Avenue northeast of Grand Rapids.
The developer — Watermark Residential, an affiliate of Thompson Thrift Development Inc. — has acquired about 24 acres for The Grove by Watermark project at 3590 Beltline Ave. NE in Grand Rapids Township. The expected completion date for the housing project is August 2022.
The project is the “only proposed or under construction multifamily community within a 10-mile radius, despite the strong demand,” Brian Southworth, Watermark senior vice president of development, said in a statement.
The resort-style development will include one-, two- and three-bedroom apartment homes averaging nearly 1,200 square feet. Each unit will have 9-foot high ceilings, designer light fixtures, glass cooktop stoves, stainless steel appliances, granite countertops, walk-in closets, garden tubs and full size washers and dryers. Shared amenities include a 24-hour fitness center, swimming pool with cabanas and fire pits and a pet-friendly park.
“The fact that we were able to secure such a great site for this development which we expect will exceed the region’s high standards and help to serve the rental needs of the community is a testament to the entire Watermark team,” Southworth said.
Housing Next recently published a study on housing needs in Grand Rapids, which indicates the city needs at least 5,340 more rental units by 2025 at all price points. However, the greatest need is for affordable housing.
The Grove by Watermark is located near major thoroughfares, and is in close proximity to major employers as well as retail, noted Josh Purvis, managing partner with Watermark Residential.
“With a strong regional demand and limited supply of Class A multifamily residences, we look forward to bringing the Watermark experience to Grand Rapids,” Purvis said in a statement.
A company spokesperson could not be reached for additional comment.
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