Construction on a new 127-unit apartment complex in New Albany is expected to be finished by year's end, according to the developer.

Called Market and Main Apartments, the Kaufman Development project south of the roundabout at Market and Main streets is the second rental community in the city.

The community is being developed in a partnership between Kaufman and New Albany Co.

As of Oct. 16, 56 of the 127 units have been leased, said Lauren Smith, director of communities with Kaufman.

Twenty-two of those 56 apartments are completed thus far, with tenants living in them, Smith said. Several other units are in the "pre-lease" stage, she said, meaning applicants have been approved and have placed a deposit to reserve a unit.

She said construction is on schedule.

The location is wonderful, Smith said, because it's right in downtown New Albany.

"It's a really unique and beautiful project," Smith said.

Leasing for the development began in March, said New Albany Co. development director Tom Rubey.

Rubey said the project should be finished in a matter of weeks.

"It's nearing completion," he said.

The one-, two- and three-bedroom units range in price from about $1,500 to more than $4,000 monthly, Rubey said.

"We're really pleased with the community's reaction to the project," he said.

Although some tenants already had lived in the city, some are young professionals who are newer to the community, Rubey said.

"There's always been a desire to have more dense, urban housing in the village center," Rubey said, referring to an effort to contribute to the center's vitality.

"So it was a logical location for this project," he said.