Dallas-based residential development subsidiary pulling young professionals away from vibrant urban environment as rents rise Civitas Capital Group plans to embark on a co-living project that will match renters with roommates and provide amenities ranging from gaming lounges to yoga studios in Houston’s hip Houston hotspot. Montrose neighborhood.
The Shelter Cos. is the developer of Uniti, a 238-unit development unit scheduled for 701 Richmond Avenue. Houston Business Journal reportedAccording to The Shelter Cos. website, the nine-story, 199K SF project will see increased income and rent growth, according to the Shelter Cos. website, which lists dozens of target markets nationwide from Sacramento. It will be the first of many such projects aimed at bridging the gap between rises. , CA, west by subway to Miami. Charlotte, North Carolina. and Washington DC on the east coast.
The company targets renters who pay 30% or more of their gross income in rent. That’s a demographic that includes his 37.5% of income households, mostly $40,000 a year to him earning $100,000.
The Houston project has 238 units, offering 381 rentable bedrooms. Shelter Cos. helps align bedroom roommates in three or he four bedroom units with shared kitchen and laundry areas.
“We don’t have to worry about finding roommates, and each resident signs their own contract so we don’t have to worry about anyone else’s rent,” said Mark Drumm, managing partner and co-founder of Shelter Cos. HBJ. told to “We think there is a market for renters who are fresh out of college and used to living with roommates.”
Unity Montrose also offers some micro unit At between 320 SF and 420 SF, it’s about 10% to 15% cheaper than a traditional studio apartment, according to HBJ. In addition to gaming lounges offering esports, shared amenities include exclusive communal spaces on each floor, including a sky lounge with outdoor patio and fitness center, a pool with grills, two club rooms, and a yoga room. increase.
Drumm told HBJ that the idea came from a tour of a co-living building in London four years ago. The company’s website says it wants to spread the concept nationwide, but its main target markets are all in Texas, including Dallas, Austin, and San Antonio.
“‘Living together’ may be a scary word for some, but it makes sense for us,” Drumm told HBJ. As it continues, young people are declining apartment prices in so many areas.”
In recent years, the communal life has been unstable.Common thrives, but I like corporations Collective When quarter It went bankrupt as renters moved out of the dense urban market and sought more living space during the pandemic.