The Standard In The Heights: Multifamily At 609 Waverly St.

[s3mh]

Construction fence is up and crews have been gutting the place. Anyone know whether this is in anticipation of demolition or is someone really going to renovate this place?

[JJxvi]

Maybe its a high rise...

[Pleak]

I was thinking a 99 Cent Only for those who don't want to shop at Wal-Mart.

[TGM]

I'll give you a hint, the protest signs will read "No Mas".

[Angostura]

Only permit for that address in the last year is for "DEMOLITION OF INTERIOR NON LOAD BEARING WALLS", issued Sep 13th, categorized as residential alteration.

So, probably not a full demo.

On a hunch, I checked the HCAD records of this address and 214 W 17th, which was recently renovated.

http://www.hcad.org/records/details.asp?crypt=%94%9A%B0%94%BFg%84%8F%7F%7Bjj%8El%87tXw%5CW%9E%99%A2%D3%89%95%C2e%7CU%8A%7E%86%C0%AB%A8%AD%86%5E&bld=1&tab=2

http://www.hcad.org/records/details.asp?crypt=%94%9A%B0%94%BFg%84%8F%7F%7Bjl%8El%87tXt%5EW%9E%99%A2%D3%89%95%C2e%7CU%8A%7E%86%C0%AB%A8%AD%86%5E&bld=1&tab=2

Same mailing address and similar names (Light Hill), so I'm guessing same owner.

Based on the number of permits pulled for the property on 17th (22), and from driving by that site for several months, it looks like a pretty extensive reno.

[s3mh]

Only permit for that address in the last year is for "DEMOLITION OF INTERIOR NON LOAD BEARING WALLS", issued Sep 13th, categorized as residential alteration.

So, probably not a full demo.

On a hunch, I checked the HCAD records of this address and 214 W 17th, which was recently renovated.

http://www.hcad.org/...��^&bld=1&tab=2

http://www.hcad.org/...��^&bld=1&tab=2

Same mailing address and similar names (Light Hill), so I'm guessing same owner.

Based on the number of permits pulled for the property on 17th (22), and from driving by that site for several months, it looks like a pretty extensive reno.

Light Hill Partners, LLC is the manager of Light Hill 16 LLC. Light Hill Partners list their address with the SOS as 1144 Heights Blvd. Houston, TX 77008. That property is also getting gutted and renovated. It is also owned by Light Hill Partners. I do not recognize any of the names of the managers.

There are a few people who have made some decent money buying up beat up old gardenstyle apartments in Montrose, upgrading them a bit and then renting them out (they keep the complexes and manage them). They usually keep the tenants and upgrade on a rolling basis as people come and go. This company seems to be more aggressive as they have sent everyone packing and are really gutting the place. I suspect they will put more money into these apartments and try to get a different class of renters. Rents in the Heights are heading skyward.

[heights]

I was hoping they'd tear down some of those dumpy complexes on 16th between Yale and Shepherd. The one at Ashland and 16th is particularly distasteful with it's front facing overflowing dumpster and 50 cars poking out into the roadway most of the time. The one at Waverly would be 2nd on my list for demolition.

[s3mh]

I was hoping they'd tear down some of those dumpy complexes on 16th between Yale and Shepherd.

I saw a drug deal go down outside the one on Waverly one Saturday morning while walking with my kid.

These little apartment complexes can produce a good revenue stream for an investor willing to put in some time to make sure they are managed well. I am at least hopeful that this investor is going to set up their offices in the Heights and do a good job renovating and managing these apartment complexes. With mid-century modern coming back into vogue, I think you could even get some higher end tenants if you did some smart renovations on complexes that had some personality. If I was looking to rent, I would rather be in a hip little complex in the Heights within walking distance from all the Heights ameneties rather than living in one of the new pencil boxes they keep building all over town. So, even with the rapid appreciation of single family lots in the Heights, a builder looking to demo and convert to single family residents might not be willing to put up as much money as someone looking to renovate and keep the property as multifamily.

[Marksmu]

Would love to see this complex and the one at Ashland destroyed - but alas, I have to agree with S3MH - multifamily = more money...though its going to have to be VERY significant improvement for any kind of a desirable tenant base to want to move in.

Both complexes are total complete dumps.

[Angostura]

Here's a craigslist ad for the 8-plex across the street from the one on 17th: http://houston.craigslist.org/apa/3235004436.html - $700/mo 1 BR

As a comparison, the mid-rise at Yale & 22nd starts around $1300/mo. Different target demo.

[Marksmu]

Here's a craigslist ad for the 8-plex across the street from the one on 17th: http://houston.craig...3235004436.html - $700/mo 1 BR

As a comparison, the mid-rise at Yale & 22nd starts around $1300/mo. Different target demo.

Wow is all I have to say...that place is a dump and $700 seems like a lot for a dump. I guess all that matters to some folks is location....I guess its like leasing a BMW...it does not matter that you leased the cheapest one they have...you can tell all your buddies you got a Beamer!

[Angostura]

Speaking of that stretch of 17th, the new houses being built by Sullivan Brothers appear to be selling faster than they can build them, and are going for about $240/s.f.

[Marksmu]

Speaking of that stretch of 17th, the new houses being built by Sullivan Brothers appear to be selling faster than they can build them, and are going for about $240/s.f.

Yup - they are making out like bandits on that place...Those townhomes there are selling pretty well too though....if they are not already sold out. All that despite being located next to one of the most dilapidated apartments in the area.

Just shows you how hot the area is though. Its a good time to own property in the Heights. All we have to do now is keep the government from screwing it all up in one way or another.

[Angostura]

Yup - they are making out like bandits on that place...Those townhomes there are selling pretty well too though....if they are not already sold out. All that despite being located next to one of the most dilapidated apartments in the area.

Just shows you how hot the area is though. Its a good time to own property in the Heights. All we have to do now is keep the government from screwing it all up in one way or another.

It's a more desirable location than their project on 23rd. Makes one wonder if they could make a go of the large tract on 25th b/w Rutland and Nicholson.

The white townhouses at 17th/18th and Ashland (selling in the high 300s) are pretty much all sold. The brick ones (selling in the low 400s) are about 1/3 to 1/2 gone. At the latter price point, you're getting close in price to recently built single-family (though there are few available in this size range ~2000-2200 s.f.).