The first phase of the new Highline Apartments at the end of Bills Lane in Columbia Falls are expected to open in August, well ahead of schedule.
“We are pleased to be ahead of schedule thanks to Bill Goldberg and Compass Construction,” Brent T. Brown, one of the partners of Greenway Capital Group, developers of the project, said.
Goldberg has built several housing projects recently in downtown Columbia Falls — a couple for developer Mick Ruis and one of his own.
Work started in November on a 14-acre vacant lot at the end of Bills Lane, not far from River’s Edge Park. Developers thought initially that it would take about a year to build the first phase. Fully built out, the project will have 207 units. The first phase has 72 units. Interest in the project, with its more affordable price point has been robust, Brown noted, in fact, it’s on of the most popular projects the company has ever embarked on.
The project will be a blend of studio, one bedroom and two bedroom apartments. Studio apartments would rent for $675, one bedrooms for $850 and two bedrooms for $995.
The property will be pet-friendly, Brown said, and as development continues will provide amenities such as a Frisbee golf course, sports courts, club house, covered parking and storage.
Brown said the project is designed to be more affordable.
“We see real estate prices that put some people in a position that buying a home is not an option … our intent is to provide a nice, new affordable housing option for these people,” Brown said.
The average home price is Columbia Falls is currently about $280,000. New homes in subdivisions like Halfmoon Meadows are running from $291,000 to $330,000. Even new condos in downtown are running $230,000 and up.
A $230,000 mortgage, after taxes and insurance, is roughly $1,450 a month, with a 4.5 percent interest rate and estimated taxes of about $200 a month.