Franklinton apartments offer half at lower rent

Nestled in the heart of Franklinton, Out of Town apartments has welcomed its first residents, offering an alternative to the area’s rising housing costs.

The $5.5-million, threestory complex on West Town Street includes 45 one- and two-bedroom apartments ranging from 640 square feet to 912 square feet.

Rent ranges from $995 to $1,545 a month. For the first five years, however, rent on half the one-bedroom apartments has been reduced to a level affordable for those who make 80 percent of the area median income, which is $42,800 for a one-person household and $48,900 for a two-person household, said Michelle Cordle, director of operations for Metropolitan Holdings.

Out of Town is a joint venture between Metropolitan Holdings and Arch City Development.

“We believe the project will set the culture for arts and innovation in the neighborhood,” said Matt Vekasy, owner of Metropolitan Holding.

Out of Town has an industrial feel to it, with a dark gray and bright orange exterior