$25 Million Dollar Apartment Complex Coming to Auburn With 128 Units
128 one and two-bedroom apartments are planned near the Auburn Mall.
The developer is A.R. Building Co is out of Pennsylvania and they are known for having rental units as their focus. For the Auburn project, they've got 30 acres on Mt. Auburn Avenue and they expect to spend $25 million. They will build 128 one and two-bedroom apartments in two four-story buildings. The two buildings will be connected with a clubhouse. There will also be a gym, pool, and laundry.
Let's get down to cost. The apartments will go from quite small at 525 square feet to 1,100 square feet. One-bedrooms will rent for $1,400 to $1,500 per month and two-bedrooms for $1,800 to $1,900 per month.
According to MaineBiz, A.R. Building has three apartment complexes they are building in Maine. This one in Auburn, then Brunswick and Scarborough. For Auburn, they found a need for single people and families. They say that demographics include younger people who want to stay in Auburn and want easier living. Also, older folks looking to give up homeownership and low maintenance living.
Let's get down to cost. The apartments will go from quite small at 525 square feet to 1,100 square feet. One-bedrooms will rent for $1,400 to $1,500 per month and two-bedrooms for $1,800 to $1,900 per month. According to Apartment Finder, the average rent for a two-bedroom apartment is $945 for 764 square feet, so the prices are about double the average but the size is bigger and it comes with all the amenities.
So when will these be built? They hope to start this spring and it could take anywhere from two to three years to complete. They also got approval for 202 apartments in Brunswick. With housing at a premium, these will fill up fast!