Apartments in 5th Avenue Development Open Up to All Residents
The best example that currently exists is The Cloud on Fifth. The building is 12 years old now. For the first 10 years, it was leased by St. Cloud State University and the apartments were only available for SCSU or SCTCC students.
In 2021 it was bought by the Property Management Company Interstate Development. Community Manager Andrea Lawrence says they still have a number of SCSU students living there, but they've also opened it up to the general public.
Families, market rates, young professionals just about anybody that wants a two-bedroom, one-bedroom, four-bedroom or a studio we have lots of options and lots of styles. We are working on putting that messaging out that anyone can live here.
Lawrence says throughout last year they renovated 62 apartments, with more renovations planned for this year. She says the living units are 92 percent full and they expect that number to climb as the renovated spaces become available for lease.
The renovations include new flooring, appliances, and countertops.
Lawrence says they have studio, one-bedroom, two-bedroom, and four-bedroom units available. Each unit comes with a washer and dryer, and each bedroom has its own bathroom. There is heated controlled access parking as well.
Lawrence says they have been planning some tenant events as their demographics change.
Meanwhile, the retail spaces on the main level are 100 percent full. Businesses include:
Burn and Build Fitness
Pregnancy Resource Center