We’re about halfway through now, with seven of the fourteen 10-unit townhouse strings open for occupancy, and another two strings coming on each month through the remainder of the year.
The Craigslist ads are fairly standard, though they do raise an eyebrow. Typically, if a place is offering a free month of rent (which is usually deployed in the form of a discount amounting to one month metered out over the 12-month lease rather than a literal free month), they’re not hitting their occupancy goals.
If that’s the case, it probably has less to do with the units, which are by any regard pretty nice, and more to do with the number of them coming onto the market. 140 apartments is a lot to absorb at once in a a suburban neighborhood where students aren’t a significant part of the local rental market. Larger projects in Downtown Ithaca’s can tap into graduate and professional students pretty easily (City Centre relied on students to fill out its less desirable units), and the hills draw both undergrads and graduate/professional students. Meanwhile, Lansing and Dryden have no trouble filling smaller projects, like the 42-48 units the Village Solars brings online each year. East Pointe isn’t doing badly, it just isn’t easy in a small metropolitan area like Ithaca’s to bring a large suburban rental project onto the market in one phase and have it not experience some softness as the initial units are filled.
A full description of the project and its history can be found here.
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