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Powerhouse Apartments Leased Up Despite Sky-High Rents

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MIDTOWN SACRAMENTO --

The newest apartment project on the 16th Street corridor celebrated it's grand opening Wednesday evening, and the 50 unit building is already almost completely leased.

The 16 Powerhouse building is home to several stories of apartments, built on top of street level businesses.

"A lot of people really like the 16th Street corridor 'cause there's so many different types of apartments, ours just happens to be the newest one," Bay Miry said.

Miry is one of the project developers, operating under 16 Powerhouse Investors, LLC. He told FOX40 that 35 of the 50 upscale apartments were pre-leased before construction was completed, through word of mouth alone.

"We just put up 'now leasing' signs about a month ago, and we only have about five units left," Miry said.

That surprises some midtown neighbors because rents at the 16 Powerhouse building are some the highest -- if not the highest -- in the area, ranging between $2,500 and $5,000 per month.

"For the young working professional, it really is an investment in the neighborhood," Carly Trelford said.

Trelford and her boyfriend Andy Duong already paid the first month's rent in their Powerhouse apartment. They said they were sold on the building's sustainability, fancy finishes, large layout and amazing views.

"Rent is like between a medium house mortgage and a medium-high house mortgage," Andy Duong said.

The couple's friends, however, aren't buying into it. Duong said his buddies have been giving him a hard time about how much he pays for rent.

"They're like you're losing $2,000 a month living here. But the way I see it is, I'm gaining $2,000 worth of clients now I'm available for. In person, to sit down and talk with instead of just communicating online," Duong said.

Duong has a career in social media marketing. He said the rent is worth the investment because of all the connections he's made living on the corner of 16th and P streets.
"Business is doing pretty well," Duong said.

"People's philosophy is really changing, especially millenials and younger people, they really want to come live in the central city in downtown and midtown," Miry said.