The owner of the Alden Towers on the Detroit River now has plans for a $5 million renovation of the former Detroit Town Apartments at 1511 First St., south of Bagley Street.

Scheduled for completion in spring 2016, Triton Investment Co., based in the Denver suburb of Greenwood Village, plans to install new kitchens, appliances, lighting, paint and flooring in the majority of the building’s 255 studio and one- and two-bedroom apartments, according to a Tuesday press release.

Other upgrades will include an on-site laundry room, bicycle storage, a community room and fitness center.

There will also be exterior improvements to the building, which has been renamed Town Residences, including a new front awning, new signage and updated windows.

Pre-leasing of the units will begin in the spring.

April Sedillos, executive vice president of Triton, said Tuesday monthly rent will start at $695, including all utilities, for a studio and go up to $1,195 for a two-bedroom unit.

Detroit-based ROK Construction Services LLC is the general contractor on the project and Detroit-based Kraemer Design Group is the architect, Sedillos said.

About 100 units in the building are currently occupied.

Triton purchased the 86-year-old building in July for an undisclosed amount, according to Washington, D.C.-based real estate information service CoStar Group Inc. and renovated in 2003.

Sedillos declined to disclose what Triton paid.

The purchase was Triton’s ninth since entering the Detroit market five years ago. Triton owns about 1,000 multifamily units in Detroit.

The property investment firm is currently finishing the $8 million renovation of the Alden Towers at 8000-8100 E. Jefferson Ave. Work at the four-building complex, which has about 380 units, is expected to be complete in the first quarter, Sedillos said. Triton bought the towers in August 2012 for $2 million.

Triton’s other properties include: