recently broke ground on 20 new micro-apartments on E. 118th Street in University Circle, adding to the wave of new housing in the area. Developer Jim Wymer says demand remains strong for efficiently designed, higher-end rental units geared towards professionals and students.
"We realized the true market that was untapped was an upscale rental product that was suited to the demographics of the Circle," says Wymer, who previously built and sold 12 townhomes at Circle 118
. "There are people looking for nice, unique housing that feels like a for-sale product, but they want to rent."
A few years ago, WXZ developed Hazel 8, a 59-unit apartment project on Hazel Drive that is nearly 100 percent occupied. The units feature hardwood floors and stainless steel appliances and rent for $1.85 per square foot, or about $1,100 for a 600-square-foot, one-bedroom unit, due to the premium University Circle location.
The newest units, located on land previously owned by RTA, are actually Phase II of 118 Flats, a project that already brought 10 new units to E. 118th and Euclid.
"The market is so unique," says Wymer of demand for the units. "We have people coming into the market from as far away as the Far East. There was a lot of Internet shopping with Hazel 8 -- probably one-third of our tenants did applications and made deposits without ever seeing the product."
The units at 118 Flats average about 800 square feet, but they are efficiently designed with high ceilings, little wasted space and plenty of natural light, making them feel less like cramped apartments and more like hip micro-units.
Source: Jim Wymer
Writer: Lee Chilcote