lakewoodhobo wrote:I really don't know where to put this but I guess it's appropriate here because it relates to value-engineered apartments close to the city center and the price people pay to live close to the city.
Yesterday I toured the Loft + Row apartments (2110 N Peak St, just east of Cityplace) with a friend who is signing a lease there. This is a building that opened early last year and has decent curb appeal. Now, I've lived in brand-new apartments before, like the ICON at Ross which went for $1050/mo for a 1BR in 2012, and realize that they're pretty cheaply done and have a short lifespan, but what I saw here was pretty shocking.
The finish-out was laughable. Some things that stood out were the really thin wood-laminate flooring, track lighting with CFL bulbs and fluorescent under-cabinet lighting. It wasn't only cheap, but in just over a year it looked old and worn. They are charging him just under $1600/mo for this loft-style 1BR apartment, and I'm pretty sure that was prorated with a month of free rent. I saw an almost identical floor plan at the Continental Building downtown, but that building has much better amenities.
I really think that if people are willing to pay these prices for such low quality, renter expectations are just as flawed as the housing supply.
According to their website, they have 800 sqft 1br apartments (with a den/study!) for $1396 before 1 month free, so prorated that comes out to about $1280/month for 800 square feet of a new apartment with nice amenities. That's pretty good for a new apartment in a good urban location in a major US city. I agree that their interior material choices look pretty run of the mill, but are pleasant. Loft + Row at least deserves some kudos for their exterior design, which is one of the better looking ones among the large apartment complexes going up.
I think some of the Uptown apartments that look like this and cost $1600+ for a studio deserve more scrutiny, but you know that they say..... location, location, location.