Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, May 13, 1990 TAG: 9005090523
SECTION: DISCOVER THE NEW RIVER VALLEY PAGE: 9 EDITION: NEW RIVER VALLEY
SOURCE: CHRISTINA MOTLEY SPECIAL TO THE ROANOKE TIMES & WORLD-NEWS
DATELINE: LENGTH: Medium
In Blacksburg, for instance, some three-bedroom condominiums rent for more than $600 a month, but some one- and two-bedroom units are available for less than $300.
To keep up with today's growing population, property owners continually build new homes, apartments and condominiums.
But there is some controversy among property owners as to whether the most recent apartment trend in the New River Valley is a higher demand for large three- and four- bedroom apartments or a higher demand for smaller one- and two- bedroom apartments.
One reason for the demand for larger units is it's cheaper to live with roommates, said Frank Teske, a partner of Blacksburg's Roanoke St. Apartments.
The Roanoke St. Apartments of two, three and four bedrooms were built last fall. A four-bedroom rents for $600 a month, but $150 per person if four roommates share the apartment, he said.
"I saw a need for apartments in the area and thought I could rent what I built," he said.
These apartments include washer and dryer hook-ups and some kitchen appliances, he said.
Similarly, MCR Property Management is currently building Tech Terrace, the newest apartments - four units of 48 four-bedroom apartments - in Blacksburg.
The apartments, which rent for $752 monthly, will be available in the fall. "The supply and demand is there," said property manager Pam Dudding. "Most have already been rented but we have a couple still available."
MCR Property Management also owns four-bedroom townhouses on Green Street and three-bedroom Terpence apartments on Lee Street in Blacksburg, she said.
Bondurant Realty in Radford, however, doesn't see the need for as many four-bedroom apartments.
"For student housing we are concentrating on three-bedroom apartments," said Delores Jones, property manager for Bondurant Realty. "Four-bedroom [apartments] are just not needed as much now."
Bondurant's focus last year was three- and four-bedroom apartments. Last year was the first time it designed three-bedroom units.
Bondurant satisfied the demand for four-bedroom apartments last year, Jones said. As a result of a higher demand for three-bedroom apartments this year, it is currently building 12 new units of three-bedroom apartments to be ready in the fall.
"They were rented before we even broke ground," she said.
College Park is another recent apartment complex in Blacksburg, located at Tom's Creek Road and Sundance Drive. It provides fully furnished two- and four-bedroom apartments.
Amenities included within the College Park community include a hot tub, assigned parking spaces, some fireplaces and washers, dryers and microwaves in all apartments. The complex is on Patrick Henry Drive and offers the privacy of gates in the daytime and a security guard. College Park's clubhouse offers a weight room, stereo, pool table, tennis, basketball and volleyball courts.
BCR Property, with more than 600 apartment units in Blacksburg and Radford, still sees a demand for all types of apartments, including a mixture of one-, two-, three- and four- bedroom apartments, said owner Pat Cupp.
He said one reason for other property owners only building the larger three- and four-bedroom apartments is because it is "difficult to build affordable one- and two- bedroom apartments."
Instead, it's cheaper to build a four-bedroom apartment with one set of appliances than it is to build two two-bedroom apartments and supply their two sets of appliances.
No matter the expense, BCR Property recently built 34 new apartments in Blacksburg and 24 new apartments in Radford. Cupp said he built one-, two-, three- and four-bedroom apartments, all of which are rented.
BCR Property apartments rent from $310 to $750 a month, he said.
by CNB