Magnolia Glen, a $10.4 million, 60 unit apartment complex, is a joint venture of the NKCAC and Jonesboro Investments Inc., a Cleveland based real estate development firm, with funding provided by the Kentucky Housing Corporation and US Bank. Construction began on the project in August 2012 after approval of funding in January 2012. The vision of the project was to offer excellent housing to working families who earn up to 60 percent of the median income for Boone County. According to 2012 U.S. Census estimates, the median income for the county was approximately $68,000.
The complex includes amenities such as air conditioning, oversized closets, balconies, patios, and a clubhouse with a computer lab and laundry facilities, as well as a playground and a huge common outdoor area. The two and three bedroom apartments start at $570 per month. The property is being managed by Wallick Communities, a Columbus based company that specializes in affordable multi-family housing.
A 2011 Center for Housing Policy study found that, as with market-rate housing, developing affordable housing creates jobs both during construction and through new consumer spending after the homes have been occupied.
Jonesboro Investments Corp is active in the development of multifamily and retail properties throughout the mid-west and southeast United States.
More information about renting an apartment can be found here.
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