MITCHELL, SD (Mitchell Now) — A ribbon cutting for Ashbrook Trail Apartments highlights a $9.5 million housing development in Mitchell offering 43 apartments for adults ages 55 and older.
The senior apartment community includes income-restricted housing and five market-rate units, according to the project information sheet.
What Does Ashbrook Trail Apartments Offer?
Ashbrook Trail Apartments features 27 one-bedroom apartments measuring 772 square feet and 16 two-bedroom apartments ranging from 966 to 1,048 square feet.
Every apartment includes appliances and a washer and dryer. Community amenities include an elevator, a community room with a kitchen, on-site management, a patio and a picnic table. The development is listed as Energy Star certified.
How Much Is Rent At Ashbrook Trail Apartments?
The project information sheet lists one-bedroom rents from $460 to $1,100 and two-bedroom rents from $550 to $1,300.
Income-restricted apartments serve households at 30% to 60% of area median income. Eligibility depends on household size and applicable income requirements. Five apartments are designated as market-rate units.
Who Developed And Manages The Apartments?
JMF Investments LLC developed Ashbrook Trail Apartments, and Costello Property Management LLC manages the property. BlackWing Elite Builders Inc. served as general contractor.
The total development cost was $9,503,977. Financing included Low-Income Housing Tax Credits, HOME funds and Housing Trust Funds through South Dakota Housing, a construction loan from Horizon Bank and a permanent loan from Midwest Housing Development Fund Inc.
