Penned for completion in mid-2022, the three-level, 22-unit block will be Oak Tree's first multi-level offering in Newcastle.

Deposits are being taken for the apartments, which range in prices from $470,000 for a one-bedroom unit to $680,000 for a three-bedroom.

Oak Tree Group's Newcastle representative Kellie Quinn said the residences represented great value at a time when Newcastle's median house and unit prices have hit $844,000 and $640,000 respectively.

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"The financial argument for apartment living stacks up really well," Ms Quinn said.

"But, for many people, it is more about the lifestyle and knowing they have security and companionship nearby."

The apartment block features full-size kitchens, wide doorways for easy mobility and is step-free.

Ms Quinn said staying in a familiar community was important for retirees.

"Locals are really attached to the Jesmond area and they want to stay here.

"The idea of a brand new home, with attractive communal spaces and neighbours of a similar age and interests is very appealing.

"That social fit is really important."