More Apartments Sprouting in Columbia
The latest building boom include three complexes under construction just off Grindstone Parkway.
Becky Giovanini owns 44 rental units with a total of 65 tenants in Columbia and Fulton. But, she said new complexes don't hurt her business because there are enough renters to fill both.
"I would think they're competing with each other because you can't compare apples to oranges," said Giovanini.
If Giovanini's units are the apples, Katy Place apartment complex has the oranges.
"There's a certain tenant who really wants the new apartment, the dishwasher, the washer and dryer, and all the jacuzzis and swimming pools, and then there's the tenant who really prefers the location."
Many of Giovanini's properties are near MU in the East Campus neighborhood.
Katy Place is 15 years old, but the manager said it can handle the newer competition.
"It has affected us a little, but I think people don't understand that it's a different market," explained Erin Hague, Katy Place property manager. "Those properties are geared more towards undergraduate students, whereas we're a graduate, professional community."
A construction foreman at one building site said he thinks this is the end of Columbia's apartment complex boom.
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