Insights Q1 2017 - page 18
Foundation work is already underway on the midrise
community, which combines 138 apartments and a ground-
floor restaurant onto a half-acre tract in the thriving East
Sixth entertainment district, just east of downtown. The
55,814-square-foot complex will consist primarily of
350-square-foot studios and 520-square-foot, two-bedroom
units. The fully furnished apartments maximize space by
using sliding doors, built-in storage units and flexible furniture
systems such as Murphy beds, hideaway kitchen modules and
convertible tables. Offsetting the size of individual units is a
large communal area that will flow from the inside of the lobby
into the outdoor courtyard, which will feature fire pits and
outdoor televisions.
The young renters who will constitute the bulk of the project’s
residents show a preference for walking, biking, public transit
and ridesharing over driving, so Indie Apartments provides
ample bicycle storage and is less than one block from a light-
rail station. Fewer residents relying on their own vehicles also
reduced parking requirements, meaning the subgrade garage
only needed to provide spaces for about 60 percent of the units,
helping to control construction costs.
Indie Apartments represents a new application of a proven
property type. High-efficiency living spaces have been around
for years in cruise ships, private airplanes and yachts, and more
recently as apartments in densely populated cities like Tokyo,
New York and San Francisco. Yet offering micro-units not only
outside of a primary market but in a city with just under
1 million residents in sprawl-prone Texas, breaks new ground.
High-efficiency studios solve the developer’s dilemma by
achieving the high rent per square foot that developers and
investors require to meet their return on investment threshold,
while offering to renters an apartment with amenities
and finishes otherwise found only in Class A, market-rate
properties, and at an attractive monthly gross rent. They simply
get less space in their apartment.
Millennials have shown a willingness to forego large living
spaces in order to gain access or convenient proximity to
places where they can congregate, eat, drink, play or work.
“An affordable, furnished
living space is often a good
choice for anyone in a life
transition, from students to
retirees and newly singles.”
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