Demand is steady for Maxwell Apartments

Locally based Barrett & Stokely
Inc. has taken over management of The Maxwell Apartments downtown at 530 E. Ohio St. and found tenants for about half of the
available units. The $24-million project, originally planned as condos, was developed by Kosene & Kosene.
Part of the building now serves as Kosene’s headquarters. But the company earlier
this year decided to convert the residential units into apartments and turn over management to Barrett & Stokely,
which owns and manages apartments at Riley Towers and Canal Square. Gerry Kosene said the company is
renegotiating a loan with Star Financial and still controls the project, which includes first-floor retail
space available for lease. Monthly rates for the apartments range from $850 for a 577-square-foot
studio to $1,800 for a 1,543-square-foot two-bedroom. About 80 percent of the 100 or so apartment units
are ready for occupancy and about half of those have been filled, said Alex Stokely, vice president with
Barrett & Stokely. Interest has been steady, particularly for the studio and one-bedroom units.
The higher end spaces haven’t leased up as fast, he said.