GRAND RAPIDS, Mich. (WOOD) — Ground will be broken this month on a $51.5 million apartment complex in Grand Rapids.
HōM Flats at Maynard sits on Maynard Avenue NW at Lake Michigan Drive will include seven buildings containing a total of 240 apartments with up to three bedrooms. Leasing should open in the second half of 2023.
Financed through the federal low-income housing tax credit program, the apartments will be available at “diverse price points” based on tenant income, developer Magnus Capital Partners says.
“Our HōM Flats properties are addressing the nationwide housing crisis,” Magnus CEO Vishal Arora said in a Tuesday statement. “Wage growth is not keeping pace with the rise in housing prices, and there’s simply not enough housing to keep up with the demand. With HōM Flats, we deliver equitable and high-quality housing solutions for everyone – no matter their income level.”
Developers touted the Maynard site’s easy access to grocery stores, bus routes and jobs.
The HōM Flats model includes a number of included amenities. The Maynard site will have fitness classes, a café, a rooftop lounge, a game room, a pet spa and places for kids to play both indoors and outside.