Work has started on a $6 million expansion of the Ivy Park Apartments that will add 60 units and a pool to the luxury complex at 6444 Jones Creek Road.
TJ Iarocci , CEO of Key Real Estate Co., the New Orleans firm that co-owns and manages Ivy Park, said the second phase should be completed by July. The new apartments will be spread across three buildings. Ivy Park, which opened in 2007, currently has 252 units. Iarocci said the complex is more than 96 percent occupied.
Units in Ivy Park rent for between $923 a month for a 723-square-foot apartment with one bedroom and one bathroom and $1,375 for a 1,469-sqare-foot three-bedroom, two-bathroom model. The new apartments will have similar rates, Iarocci said.
Hinton Construction Co. of Shreveport is the contractor.