HOUSTON – (Realty News Report) – Construction has reached a milestone in the development of an innovative co-living multifamily project called UNITi, which will open next summer in Houston’s Montrose district.
Construction has topped out, reaching the pinnacle in erecting the nine-story structure, according to general contractor Arch-Con Corporation, a Houston-based firm.
Offering furnished units and some shared suites with roommate-like arrangements, the project is located at 701 Richmond Avenue, about three blocks east of Montrose Boulevard.
The UNITi Montrose is being developed by Civitas Capital Group’s residential development subsidiary The Shelter Companies with the goal of providing attainable rental housing in a desirable submarket.
UNITi Montrose will be one of the first co-living developments in Houston, offering 161 private rooms within 48 shared suites. This is in addition to 190 traditional studio, one-, and two-bedroom units.
“Our team has spent more than five years researching and learning about co-living communities across the globe,” says Jorge Adler, Civitas’ Vice President, Investments. “For co-living concepts to work in the United States, and in Texas specifically, it is essential to find unique locations that are easily accessible by public transportation, within walking distance to a plethora of amenities, and within a short commute to major employment centers.”
UNITI Montrose is within two miles of the Texas Medical Center, downtown Houston, Rice University, and the University of St. Thomas. It is a few blocks west of The Ion, an innovation hub for start-ups developed by an entity affiliated with Rice University.
The Shelter Companies is specifically focused on developing attainable forms of housing. They tapped Common, a leading operator of co-living communities in North America, to be the property manager for UNITi Montrose. Based in New York City, Common currently operates more than 5,000 units in 11 major cities.
The average age of a Common renter is 29 and 50 percent are new to the city in which they live.
“Common was formed around the idea of co-living and has perfected every aspect of operating these types of properties,” Adler said. “From the way they market the buildings, to their leasing process, to how they curate community, there is no one better.”
UNITi Montrose will be fully furnished with amenities including routine cleaning services, basic household supplies, in-unit laundry, resident events at the property and larger events at the city level.
Common will begin pre-leasing in the second quarter of 2024 and UNITi Montrose is on track to open in the summer of 2024.
UNITi Montrose has 155,901 SF of multifamily living on a 1.09-acre site.
Six floors of multifamily sit on top of a 104,533-SF, three-level cast-in-place parking garage.
Designed by Meeks Partners, the development includes 10,708 SF of amenities, balconies, a fourth-floor pool and courtyard, a ninth-floor lounge and roof-top deck with views of downtown, and 3,822 SF of retail space on the ground floor.
Oct. 5, 2023 Realty News Report Copyright 2023
Image: Courtesy Arch-Con Corporation
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File: Co-living Apartments Rise in Montrose