In light of the burgeoning demand for new upscale Inner Loop apartments, the tenants of three adjacent two-story apartment complexes in the Winlow Place area of Montrose have been asked to vacate by the end of this month.
The aging apartment complexes, constructed in the 1950s and '60s, are located at 1920 West Alabama Street, 2810 McDuffie and 1924 Marshall and were sold by Prestige Holdings this spring. The new owner, City Centre at Midtown, LLC, is managed by Ruslan Krivoruchko, who also manages Dolce Living Investments, LLC.
Dolce Living, known for building upscale apartment homes in suburban areas across Texas and Florida, is already in the process of constructing its first Inner Loop development, a five-story, 176,344-square-foot mixed-use apartment complex located in the Fourth Ward on West Gray at Bailey Street.
Aging complexes — which generally offer much lower rent than their new counterparts — are being demolished, leaving lower-income residents with fewer housing options.
The three Montrose apartment complexes comprise a total of 73 apartments and sit on 1.58 acres of land at West Alabama (between Hazard and Huldy Street) and McDuffie.
Notices for abandonment, sent to residents by the property manager, said that City Centre at Midtown is planning to demolish the complexes in September and that new apartments will be constructed on the site. The notice also informs residents they must vacate their apartments by Aug. 31 and offers prorated rent for August, according to Swamplot. Residents at the Montrose apartment complexes are varied, with occupants ranging from students to retirees.
"The entire apartment market is hot, and it's been hot for several years now because of the job growth driven by the oil industry," Bruce McClenny, president of Apartment Data Services Inc., a local multifamily research firm, tells the Houston Business Journal. "With a lot of people coming to town, there's tremendous demand for housing."
From the Heights area to Montrose and Midtown, the high demand for new garden-style, mid-rise and high-rise apartment complexes inside the Loop means aging complexes — which generally offer much lower rent than their new counterparts — are being demolished, leaving lower-income residents with fewer housing options.