Brookfield-based developer HSI Properties LLC has begun construction on Drexel Ridge, its first Oak Creek development, a $40 million, 290-unit upscale apartment complex located just one mile east of Drexel Town Square.
HSI completed the purchase of the land for phase one, which includes 166- units that will be completed in May 2017, last week, when it purchased property at Drexel and Pennsylvania avenues from Mary Voelker of Wauwatosa for $503,500, according to state records.
HSI already owns the remaining land for the project, which it will be built on a total of 38 acres. Phase two will begin when phase one is completed. The entire project is expected to take about two years.
The one- and two-bedroom units will range in size from 800 to 1,700 square feet. Monthly rents will range from $900 to $1,700. Apartments will be built in 11-, 15- and 20-unit, two-story buildings. All of the buildings will have attached garages and each apartment will have a private entrance without any common areas, said Tony DeRosa, executive vice president of HSI Properties.
“We’re strategically positioned in the market with significantly larger open concept floor plans and more affordable monthly rents than the new competition,” DeRosa said.
Milwaukee-based Barrett Lo Visionary Development recently completed phase one of the Emerald Row apartments at Drexel Town Square. Once all three phases are complete, the complex will have 657 units.
DeRosa does not believe Drexel Ridge is competing with Emerald Row because it is meant to have a more suburban feel.
“We have the highest level of amenities of any true suburban-style development in the area,” DeRosa said.
Those amenities include a pool with cabanas, an indoor and outdoor fireplace, a fitness center, a connection to the Oak Leaf Trail and car and dog-washing stations.
“This is a type of housing that doesn’t currently exist in the local market, and we feel that it will be very well received by those that appreciate a more amenity-rich, suburban-style housing experience while still being conveniently located only two minutes from all of the new major retail development down the road.”