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UNITi Montrose: Multifamily At 701 Richmond Ave.


CrockpotandGravel

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1 hour ago, clutchcity94 said:

Can someone paste the full article? Paywalled.

From the Biznow article.......

"Amid climbing rents that have priced young professionals out of vibrant urban environments, a residential development subsidiary of Dallas-based Civitas Capital Group is set to break ground on a co-living project that matches renters with roommates and offers amenities from gaming lounges to yoga studios in a sought-after locale: Houston’s hip Montrose neighborhood.

The Shelter Cos. is the developer behind Uniti, a 238-unit development set to go up at 701 Richmond Ave., the Houston Business Journal reported. The nine-story, 199K SF project will be the first of a number of such projects aimed at bridging the gap between stretched incomes and rising rents, per The Shelter Cos. website, which lists dozens of target markets across the country, from the Sacramento, California, metro in the West to Miami; Charlotte, North Carolina; and Washington, D.C., on the East Coast.

The company is targeting renters paying more than 30% of gross income in rent, a demographic that includes 37.5% of income-earning households, mostly making between $40K and $100K annually.

While the Houston project will have 238 units, it will offer 381 leasable bedrooms. Shelter Cos. will help line up roommates for the bedrooms, which will be configured in three or four-bedroom units with shared kitchen and laundry areas.

“It saves them the hassle of having to find a roommate, and each resident signs their own contract, so they are not on the hook for anyone else’s rent,” Shelter Cos. Managing Partner and co-founder Mark Drumm told the HBJ. “We believe there is a market for renters who just got out of college and are used to living with roommates.”

Uniti Montrose will also offer some micro-units of between 320 SF and 420 SF that will be smaller and about 10% to 15% cheaper than traditional studio apartments, the HBJ reported. In addition to a gaming lounge offering esports, shared amenities will include a sky lounge with an outdoor patio and a fitness center, a pool with grills, two clubrooms and specialty communal space on each floor, such as a yoga room.

Drumm told the HBJ the idea was sparked by a tour of a co-living building in London four years ago. According to its website, the company hopes to take the concept national, but its primary target markets are all in Texas, including Dallas, Austin and San Antonio.

“'Co-living' can be a scary word to some people, but this just made sense to us,” Drumm told the HBJ. “Young people have been priced out of apartment living in so many areas because the rents just keep getting higher, especially in hot urban centers."

Co-living has been on shaky ground over the last few years. Though Common has thrived, companies like The Collective and Quarters have gone bankrupt as renters moved out of dense urban markets and sought more living space during the pandemic."

Edited by hindesky
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2 hours ago, thatguysly said:

I had an apartment in college that was four bedroom with individual contracts. We had a friend back out and took a fourth random person in that the apartment found. It was a nightmare. Awful roommate who never chipped in for utilities. It is a good concept but sucks when you get stuck with a dud.

This is literally the whole concept of tenement housing .. Multiple rented rooms with shared kitchen/bathroom. I mean I think its a great idea from an affordability standpoint but there's probably a reason they were totally phased out in the US .. 

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4 hours ago, iah77 said:

This is literally the whole concept of tenement housing .. Multiple rented rooms with shared kitchen/bathroom. I mean I think its a great idea from an affordability standpoint but there's probably a reason they were totally phased out in the US .. 

You  would  be surprised  what 20 year Olds will tolerate  to have their own space....I had 5 at 21..

One never bathe 

One would  get drunk snd punch holes in the drywall 

One sleep walks in the .nude

And two I'm convinced  were in a secert gay relationship..because  they use to share a bed all the time... quite a few times I came home late and the bedroom  door was locked ( they  had the only other bathroom).

 

But hey it was a3 bedroom  condo, split 5 ways so rent was dirt cheap 

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I'll say this: I'm in my 30s and would 100% consider moving here.

 

The history behind the phasing out of tenements is an interesting one worth looking into if you have time. It's too much to explain fully here, but it basically boils down to something very similar to what we see in the current right/left NIMBY alliance: some people wanted to do something about the lack of tenants' rights so flagrantly on display in tenements, and others wanted to do something about the undesirable poors bespoiling their pristine neighborhoods.

Decent building codes and legal rights for tenants can go a long way, and we've got those.

Also, let's be real - there will probably be a lot of 22-year-old kids living there with lawyer parents, so I don't think the risk of serious abuses is very high.

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Maybe? If it follows X Phoenix it looks like it will be mix of coliving spaces and conventional apartments. 

Which is great - that means there are two versions of the concept going up in two different neighborhoods.

More information for other developers to learn from.

 

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I think this concept will end up working well here.
 

Houston has lots of younger people moving here for work, many of them just out of college, so a setup like this could be attractive while they’re getting their jobs and beginning their lives out of school. It could also be a nice option for our many full-time service industry workers, if the price is right. If my math isn’t wrong- and I’m no math savant- these units will probably go for about $1k/month or thereabouts. 
 

Everywhere is getting a CoL increase thanks to inflation. Luckily Houston will remain more affordable than many other metros because we aren’t collectively allergic to building more housing 🙃

 

Edited by BEES?!
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6 minutes ago, 77002er said:

True, L O L , but who really wants to live in what is essentially a dorm if there are other options

You've apparently never been between the ages of 18 and 30 and living paycheck to paycheck.

All this does is formalize an arrangement a lot of people are in anyway.

Edited by Texasota
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5 minutes ago, BEES?! said:

I think this concept will end up working well here.
 

Houston has lots of younger people moving here for work, many of them just out of college, so a setup like this could be attractive while they’re getting their jobs and beginning their lives out of school. It could also be a nice option for our many full-time service industry workers, if the price is right. If my math isn’t wrong- and I’m no math savant- these units will probably go for about $1k/month or thereabouts. 
 

Everywhere is getting a CoL increase thanks to inflation. Luckily Houston will remain more affordable than many other metros because we aren’t collectively allergic to building more housing 🙃

 

I can see people snatching these up quick with those prices!

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12 minutes ago, Texasota said:

You've apparently never been between the ages of 18 and 30 and living paycheck to paycheck.

All this does is formalize an arrangement a lot of people are in anyway.

No, I skipped over those years ....there was no money in it.

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5 minutes ago, BeerNut said:

The Ion and Wheeler Transit Center are really close to this location.

And it'll be right on the University BRT line (though idk where the nearest stop would be - presumably Montrose? Hoping the buses for that line are bike-on like the rail).

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1 minute ago, 004n063 said:

And it'll be right on the University BRT line (though idk where the nearest stop would be - presumably Montrose? Hoping the buses for that line are bike-on like the rail).

It supposed to have walkon/walkoff like LRT.  I would hope there would be areas for people to bring their bikes.

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