Motiv Apartments - 2320 Colfax Avenue S

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
Archiapolis
Foshay Tower
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Joined: November 2nd, 2012, 8:59 am

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby Archiapolis » November 20th, 2015, 8:41 am

RailBaronYarr wrote:Well, yes on the market-bearing price. But does anyone think this building has the same level of amenities as Lime or Elan? No pool, no gym, no community room, no dog run, fewer parking spaces than units so you're likely to be on a wait list in a year once people are in, etc. Those are things people do pay more for, even if they only add marginal cost to a giant stick-six apartment building. I'm saying lower costs allows you to profitably meet lower market segments who care less about that stuff, and it's surprising to me the gap in pricing isn't a bit higher since people can likely find a unit in a "nicer" building 6 blocks away (though maybe being this far north has a slight location advantage? I dunno.)
"Marginal" is obviously subjective but the pool at Lime was probably around $250k - just the pool itself, not the deck/other amenity space.

For a $25Mish project...

minntransplant
Nicollet Mall
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Joined: June 1st, 2012, 7:44 pm

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby minntransplant » November 20th, 2015, 9:59 am

I don't think the rents are out of line. I live in the Wedge, in a 1930s era apartment complex. No AC, no dishwasher, no in-unit laundry. No gym, no pool, no rooftop deck. Some things are in need of sprucing up. And, it isn't in as desirable/convenient of a location as Motiv. Despite that, my management company is asking 875/mo for the smallest 1 bedroom units in my building. 1200/mo for a brand new unit with modern amenities seems pretty reasonable.

clf
Metrodome
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Joined: February 11th, 2014, 4:45 pm

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby clf » November 20th, 2015, 11:04 am

Wow. I live 2 blocks from this and my 1 br looks much larger with a a large patio and I pay almost half the rent. Yes, it is a 1915 building so no dishwasher and things like that but I do have a claw foot tub, beautiful woodwork and walls so thick I never hear my neighbors.

twincitizen
Moderator
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Location: Standish-Ericsson

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby twincitizen » November 20th, 2015, 3:10 pm

Down in CARAG, I pay $845 ($890 incl. underground parking) for a ~700-725 sf 1BR. Building has minimal amenities (tiny gym, party room) but no accommodations for bikes or any modern features really. No in-unit laundry, though I do have a dishwasher and large balcony. Apartment is not really updated besides new carpet and kitchen floor. Countertops, cabinets, fixtures are all old, possibly original to 1973 (42 years old). Common area interiors & lighting could use some serious updates too. ~$1300 (inlc. parking) seems reasonable in a brand new building...but I wouldn't pay it ;)

trigonalmayhem

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby trigonalmayhem » December 8th, 2015, 10:21 pm

Does no one actually know what market rate for new construction is in this city? Just because a lot of people still live in decaying buildings that are cheaper doesn't mean the actual market rate hasn't gone up a lot recently. The hot job market and very low vacancy rates mean that the going rate is higher than it used to be. We should be thankful for stuff like this on the lower end helping to keep prices down so you don't get slumlords jacking up rents on tiny holes full of roaches.

And yeah the rents probably would have been lower if attention starved TV personalities wouldn't have ran up the costs in court.

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Sacrelicio
Union Depot
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Location: Field

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby Sacrelicio » January 20th, 2016, 10:16 am

Wedgeguy wrote:Not everyone is into living in a high energy building with the noise that can be associated with it. Some may like a smaller more low key building to live in. AS has been siad, if hey get what the market will bear, good for them. If not they will be giving away free months I think instead of actually lowering their rents.
If I were still renting...I'd definitely prefer the smaller building in that kind of neighborhood over the pool party kind for the same rent.

UrsusUrbanicus
Nicollet Mall
Posts: 109
Joined: February 13th, 2014, 2:08 pm

Re: Motiv Apartments - 2320 Colfax Avenue S

Postby UrsusUrbanicus » January 21st, 2016, 1:07 pm

PleasepleasepleaseGod, let their marketing department choose the tagline "Motiv Means Opportunity". :D


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