Date: May 3, 2004

Farmington apartments prove popular in fast-growing city

Local community leaders joined Capstone Development Group to officially open Orchard View Apartments April 23.  The development includes 40 new apartments for a fast-growing Farmington, Mo. community.

“The need for this type of apartment complex is obvious when you realize that we are 100 percent occupied and have a waiting list,” said David Miller of Capstone.  “This is a community project that has been long awaited by people in Farmington.  Larger affordable apartments offered in an upscale style development.  This is the only major site in the area with three-bedroom apartments.”

Located off Maple Valley Drive, the 40-unit complex includes 12 three-bedroom apartments renting at $425 a month.  Additionally there are 28 two-bedroom apartments renting between $340 and $390.

Financing for the development includes a $3.5 million MHDC construction loan, a $1 million federal HOME loan and $301,000 in federal and state rental housing tax credits. 

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