LUFKIN, TX (KTRE) - By Jena Johnson - email
LUFKIN, TX (KTRE) - Nearly every apartment complex in Lufkin is full. Meaning, there's room for new development.
Realtors tell us there's a pent-up demand for upscale and senior rental property.
In economics, follow the money. In real estate, follow the trend. That's what Michael Bryan says apartment developers are doing.
"The occupancy rate is at or above 95 percent. There's definitely a demand for apartments," said Bryan.
In the last decade, the only luxury apartment built was Shadow Creek. Its developers told us today they're looking into building more, catering to professionals. Bryan says its an obvious demand.
"In the medical field, you're looking at the doctors that move in and most are under contract and they're going to stay a specific number of years," said Bryan.
Dr. Lance Sloan says he's in a transitional stage in life. Making the move to an apartment, he says, wasn't easy.
"It took me at least a month if not longer to find a place because of the apartments here in Lufkin stay full," said Dr. Sloan.
Shadow Creek developers won't name exact locations they're researching. Regardless, Sloan says it seems like a promising development.
"The possibility that there could be a new option that has nice amenities, I think will be very appealing to myself and other professionals in the community," said Sloan.
Bryan says luxury apartments aren't the only development on realtors' radar.
"We've seen some interest in apartments strictly for seniors," said Bryan.
Bryan tells me in a few months this field will be covered with 80 apartment units for seniors. He expects this development will spread throughout Lufkin.
"I think the demand has pent-up a little bit and that's driving up the occupancy rates," said Bryan.
A trend, he says, developers have caught onto.
Bryan tells us another multi-family apartment complex on the west side of the loop is under contract.