Saratoga County

Luxury apartments renting fast

Despite the sluggish economy and gloomy winter weather, a steady flow of people are renting the n

Jim Quinn, Director of Property Managrment in The Travers, a two bedroom apartment in the new 400plus-units at The Paddocks of Saratoga, luxury apartments in  the town of Wilton (Old Gick Road). The dozens of apartment buildings have gone up very quickly,
PHOTOGRAPHER:
Jim Quinn, Director of Property Managrment in The Travers, a two bedroom apartment in the new 400plus-units at The Paddocks of Saratoga, luxury apartments in the town of Wilton (Old Gick Road). The dozens of apartment buildings have gone up very quickly,

Despite the sluggish economy and gloomy winter weather, a steady flow of people are renting the new luxury apartments under construction on Old Gick Road.

“Our leasing has been very strong,” said William Hoblock, a managing director for the Latham-based Capital District Properties LLC.

Hoblock, whose company is building the Paddocks of Saratoga, said the interest in the apartments has been surprising for the usually slow winter months.

Eight apartment buildings at the luxury apartment complex are finished with people living in every building, he said. When completed, the complex will have 420 units.

The 12 apartments in each of the eight buildings are not all rented but many of them are, Hoblock said.

A one-bedroom apartment unit rents for $1,100 per month while the largest, two-bedroom apartment, with a den, rents for $1,800 per month. All units have their own garage attached with a private entrance.

Many other apartment buildings are nearly complete at the 55-acre site, which can be seen from the Northway bridge just north of Exit 15. The complex will eventually have 35 buildings, making it one of the largest apartment complexes in Saratoga County.

People started moving in late last year and haven’t stopped coming.

“They are not totally full but pretty close,” Hoblock said about the eight completed buildings.

Another 12-unit building is completed every two weeks,

“We are seeing empty-nesters downsizing from a home,” Hoblock said about many of the customers.

Another group renting are young professionals who want to live near Saratoga Springs.

“They want no worries,” Hoblock said about the apartments. “That’s what we provide.”

Asked whether the proximity of the Northway to the apartments has discouraged some prospective renters, Hoblock said it has not.

“The beauty of the site is that it’s near the Northway,” Hoblock said.

He said the Northway passes along the western end of the property, but over a bridge at a much higher elevation. “There is no road noise,” he said.

The project will be built in three phases under the direction of Bette and Cring of Latham. The first phase of 192 apartment units is scheduled to be finished by July.

The second phase of 144 units will start soon after this.

The third, 84-unit, phase of the project will be “market driven” with an as yet undetermined starting date, according to Hoblock.

Hoblock said the clubhouse on the property, with a full fitness center and a great room with fireplace, is complete and being used. A 2,000-square-foot, outdoor swimming pool is under construction and will open in late May, he said. Use of these facilities comes with each apartment at no additional cost.

Keith R. Manz, Wilton’s planning and engineering director, said the town is pleased with the project.

“There are no issues,” Manz said. “They keep the construction site clean.”

The town was pleased that Capital District Properties LLC brought both town water and public sewers under the Northway from the west side of the superhighway.

Town water is currently being used by businesses in the Exit 15-Route 50 mall and plaza strip, Manz said. Before town water was brought under the Northway, the Exit 15 area was using water from Saratoga Springs.

“They do very good work. They have very good contractors,” Manz said about Capital District Properties.

He said one of the only things left for the company to do is to build a sight and sound buffer between its sewer pump station and an existing home on Old Gick Road.

Manz said the buffer was supposed to be installed last year but by the time this was decided, the nurseries in the area had stopped selling shrubs and trees for the winter.

Capital District Properties LLC has its own, in-house management company for the apartments. James Quinn is director of property management.

Categories: Schenectady County

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