HOUSTON - The 242-unit Post 510 apartment complex is completed in the Montrose submarket. The $34.8 million mid-rise project at 510 Richmond Ave. will be ready for tenants to occupy in March. Construction cost per square foot was $168, according to SEC filings.
Post 510 features one- and two-bedroom apartment homes with modern kitchens and upgraded finishes. Floor plans will range in size from 613 sf to 1,120 sf and in price from $1,305 to $2,040 per month.
Post expects the property to be stabilized in first quarter 2015. Post defines stabilized occupancy as the earlier to occur of the attainment of 95 percent physical occupancy or one year after completion of construction.
The community in the Montrose submarket just south of downtown is an area that is leading the city in achievable rents with an average of $1.71 per sf, says CBRE.
The property is Post Properties Inc.'s third multifamily community in Houston.
Read more at GlobeSt.com.
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