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by Matt Harrington
The Boylan Cos., a Triangle-based development firm, is making its first entry into the Triad to build a 348-unit apartment complex in Burlington near Alamance Crossing and Elon University.
The first phase of Windsor Upon Stonecrest, which will consist of 220 units, a clubhouse, pool and fitness center, should be completed this summer, said Dusty Field, president of Boylan Investment Co., a unit of the Boylan Cos.
The Burlington development will represent about a $28 million investment and will be aimed at young professionals, he said.
The exact size of the units has not yet been decided, Field said, but there will be a mixture of one-, two- and three-bedroom units, priced between $700 and $1,000 per month.
"We've been hearing a lot of good things about Burlington," he said. "This site was near Alamance Crossing (shopping center), and given its proximity to Elon and to the hospital, we felt like it was a great project for us to move forward on."
Boylan will be entering a market that is getting more crowded, but at the same time showing more demand for apartment units, according to Real Data, a Charlotte firm that tracks the Triad apartment market.
As of last fall, the most recent report issued by Real Data, Burlington had an apartment vacancy rate of 9.9 percent, which was up from 8.8 percent in the fall of 2005. But 117 units had also been absorbed over the past six months, even as development had increased.
Other recently completed or under- construction apartment projects in the Elon area include Blue Ridge Cos.' 311 units on West Haggard Avenue. Average rents for Burlington range between $569 a month for a one-bedroom unit to $795 a month for three-bedroom apartments, according to Real Data.
But Field believes his company can reach the market of young professionals because of the location of the complex and the Class A amenities he says Boylan will offer, such as granite countertops and nickel fixtures.
Boylan has also opened a sales office in downtown Elon, Field said.
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