The newest kid to arrive on the block is the art-inspired Klee Lofts of developer Val Thomas Inc. Though an attractive property with attractive amenities, Morris Groberman of Colliers International says Klee's opening comes at a tough time for the urban apartment market--but that could change by next Spring.

Helen Wattley-Ames, director of property management for Market Management Inc., is in charge of leasing up the 140 lofts and penthouses, as well as 31,500 sf of retail space of Klee Lofts--a mixed-use complex located at 2717 Western Ave. She tells GlobeSt that as of today the residential units are 12% leased, and the first tenants moved in just last week.

Asking rent for the lofts, which average 789 sf, is $1.94/sf—with 1,360/sf-average two-story penthouses going for $2.80/sf. This translates to monthly rents between $1,300 and $4,000. Wattley-Ames says the only concession being offered by the developer is the one originally planned when pre-leasing began mid-August—one month's free rent with a 14-month lease.