By Martha Elson • • June 14, 2011

Twenty-eight new upscale apartments should be available by the end of the year in the Cherokee Triangle at a site that once was a recreational field for Louisville Collegiate School.

The Grinstead Place “rental community” at 2320 Grinstead Drive is being built by a partnership of Poe Companies in Louisville and REI Real Estate Services, an investment and development company in Carmel, IN.

The partnership bought the property from Collegiate for $530,000 in November. The owners expect to begin taking reservations for units in September and hope to have them finished in December, said Steve Poe, who heads Poe Companies.

The apartments will range from studios to large, two-bedroom units. “it’s a very sought-after area, ” he said.

Some units will have a view of Cave Hill Cemetery. Rents will range from $700-$1,500 per month.

A big draw will be parking, Poe said. The first floor of the three-story building will be all parking. Of the 42 parking spaces on site, 28 will be covered, he said.

The property was already zoned for multifamily residential use, and the metro Landmarks Commission’s Architectural Review Committee for the Cherokee Triangle approved the plans in September.

Peggie Elgin, president of the Cherokee Triangle Association said she’s been told there were once houses at the site that were torn down. The association leadership supports the review committee’s decision although there’s some concern about adding additional traffic “to an area that’s already pretty dangerous,” she said.

Poe and REI have been partners in 20 to 30 projects around the country, including the Marriott Residence Inn, Fairfield Inn & Suites and SpringHill Suites hotels downtown in Louisville.

Reporter Martha Elson can be reached at (502) 582-7061