By Lori J. Connors

Luxury and Convenience: Huntsville and Madison are Keeping Up with Luxury Apartment Trend

By Lori Conners / Graphs by Lori J. Connors

If anything, the pandemic has put a finer point on the concept of “Home, Sweet Home.” With most jobs shifting to a remote platform, along with the closing of schools and fitness centers, many reconfigured their living spaces into mini offices, classrooms, and home gyms.

During the last year and a half, homeowners and renters alike had their own “four walls” to contemplate. And contemplate, they did.

Some homeowners took the renovation route by adding a room or creating more efficient and dedicated workspaces. Unfortunately, aside from moving, renters have few options for improving their living spaces.

Many of the apartments in Madison County are “vintage,” built in the 60’s, 70’s, and 80’s, with standard issue floor-plans and basic amenities. Historically, this was not a big deal, as most tenants saw their apartments as the eventual steppingstone to home ownership.

Fast forward to 2021. Inflation has been growing at a faster pace than the average paycheck, making home ownership out of reach for many. Housing prices have skyrocketed, making it a seller’s market. There’s also a dearth of available homes for sale.

Still, consumers want to enjoy a sense of community whether they are homeowners or tenants. Many also like to entertain, but only need the extra space occasionally. These factors contribute to the recent explosion of high-caliber luxury rental communities, offering more bang for the buck.

In most major US cities, there has been an uptick in the number of luxury apartments. Evidence suggests that this trend is largely driven by millennials. Madison County demographics seem to be following the national trend.

The average age of the Madison County tenant seems to confirm the millennium-driven-market theory. Roughly 47% of Huntsville renters fall into the 25–44-year age bracket; this same demographic comprises 54% of the Madison rental population.

Modern-day tenants want to live in rental communities with state-ofthe-art features. These renters want dedicated co-working areas, fully appointed clubhouses with spacious kitchens, resort-style pools, walking trails, dog-friendly amenities, along with fully equipped fitness rooms that feature the latest and greatest fitness programs.

Intelligently designed luxury apartments with a long list of features and amenities do not come cheaply. Once considered a relatively inexpensive place to live, Huntsville-Madison County appears to be catching up to the national average when it comes to rental prices.

As of July 2021, the national average for rent was $1,482, which represented a 6.3% increase from July 2020. Since March 2019, the national average has been relatively stable, demonstrating a slight increase between March 2021 and July 2021.

Comparing the rental figures between July 2020 and July 2021, the average rent in Huntsville rose from $904 to $1,021, representing a 13% increase. The biggest jump was observed in the Madison rental market, where there has been a whopping 14.8% jump in the average rent, from $1,029 to $1,184. The graph demonstrates a steady increase from March 2019 to July 2021, which indicates that the average rent increase was not entirely COVID-19 driven.

Apartments ranging from $1,000 - $1,500 currently represent 41.8% of Huntsville rentals. In fact, 76.6% of Huntsville rental properties fall into the $700-1500 range, with only 15.9% of rentals available in the $500-700 range. Huntsville rental prices are still a bargain, comparatively.

In Madison, the picture is slightly different. 90.1% of all Madison rentals fall into the $700-1500 range, with 64.9% of rentals in the $1,000 - $1,500 range. There were no rentals listed at the $500-700 price point.

As Huntsville-Madison County outpaces Birmingham in growth, quality of life, and average rent prices, it’s likely that rent will continue an upward trajectory, soon to equal the national average.

Luxury apartment living in a community setting is predicted to be an ongoing trend, especially as Huntsville-Madison County continues to grow. The Alexandria Apartments in Madison and the Legacy at Jones

Farm, Phase 2 in Huntsville are two notable examples.

The Alexandria, located on Balch Road was recently completed and is quickly filling up with new tenants. Developed by the Bobo Family Group and built by Birmingham-based Capstone Building Corporation, the $31.78 million multi-family property encompasses 338,792 square feet.

The Alexandria features spacious one-, two- and three-bedroom apart-

ments. There are 258 units: 114 one bedroom, 126 two bedroom, and 18 three-bedroom, ranging in size from 650-1,356 square feet. The Legacy also offers a dazzling array of amenities, with a variety of living options, such as 1-, 2-, and 3-bedroom units with 14 different floor plans ranging from 698 to 1,485 square feet of living space. Over the past eighteen months, remote workers have placed a high premium on dedicated workspaces and luxury apartments have stepped up to meet their needs. Both The Alexandria and The Legacy have fully equipped coworking areas with Wi-Fi.

Today’s luxury apartments have very well-equipped fitness spaces with dedicated areas for fitness. The Alexandria features a “functional fitness” center, offering CrossFit-style fitness, along with a cardio, strength, yoga, and spin studio. The Legacy boasts two 24-hour fitness centers with ondemand fitness classes, a spin room, and two yoga studios.

For those who enjoy entertaining, The Alexandria has a spacious clubroom with a full-service kitchen.

Taking the party outside? There’s a resort style pool with a wet deck and poolside grilling pavilions.

The Legacy is equally impressive when it comes to having a place to host an event. The community features two clubhouses, a pair of resort-style saltwater pools, eight grilling stations, two outdoor pavilions, three outdoor fire pits, and three outdoor kitchens with grilling facilities.

Dog friendly is also a must in today’s luxury rentals. Dog parks, walking trails, and grooming areas are all part of the amenities package in both communities.

Proximity is key. Both communities are close to a wide assortment of dining and retail establishments. The Alexandria is a stone’s throw away from the Madison Medical Park and is conveniently located near all the dining and retail offerings that line highway 72 west. The Legacy is just minutes from the Martin Road entrance to Redstone Arsenal, by way of Four Mile Post Road and Whitesburg Drive.

The Luxury Apartment market meets the needs of those looking for an accessible, upscale apartment in a great location near employment, retail and recreational opportunities, as well as forming a sense of community. Although it’s been speculated that this market will be a passing phase, home ownership doesn’t carry the same appeal for everyone. For those who want a lifestyle, as well as a place to live, an amenity-laden luxury rental community might be the ideal solution.

The rental statistics were compiled using data provided by Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Huntsville and Madison, Alabama apartment buildings 50 units or larger. *Average single-family rent calculated from point2homes.com data. u

The Legacy of Hughes Properties Continues to Shape Madison and Limestone Counties

Many have benefited from the professional services and the personal approach provided by the team at Hughes Properties, Inc. (HPI).

HPI has established a multitude of relationships, many which are repeat customers and referrals. HPI has a history of paying it forward and sharing lessons learned with HOA’s of various age, size, amenities, and board member experience.

The next chapter is coming on April 15, 2022, and HPI is excited to share the great news. The same great continuity of services, delighted clients, repeat customers, and the personal approaches will continue.

Marion Myers will become the Principal Owner having been part of the team for 21 years, performing roles such as the office manager, coordinator for staff training, and at times even acting on behalf of Betty Hughes as a representative of HPI.

Betty Hughes will begin to write her new chapter as a consultant, and will be available to HPI for two years. She plans to enjoy more time with her family and volunteering with community charities. Her professional achievements are widely acknowledged by many, and the legacy she has created with HPI will continue once she begins her new chapter.

The HPI team will live by the same values instilled by Betty and remains committed to the community charities and the important needs that request fulfillment.

Hughes Properties, Inc. prides itself on a personal, direct, and approachable nature that is disappearing in our technological world while still striving to include time saving options provided by technology.

“Excellent customer service and open lines of communications are the key elements to a successful working relationship between homeowners, HOA boards, and the management team. We communicate with homeowners and board members on a daily basis to ensure timely responses and an efficient performing HOA,” said Marion Myers.

The team has successfully served over 100 HOA communities, 81,000 homes, 1250 properties, with over 324 years of combined service and experience. These are all part of the “Why” so many repeat customers and referrals are a significant part of the HPI legacy.

The value of this combined experience has been the reason that new clients seek them out and existing clients continue with the trusted relationship. Naturally, HOA Boards have homeowners that have volunteered to serve without the experience of covenants and services contracts. Professional services, sharing of lessons learned, and advice to avoid issues down the road are all reasons HPI has earned the trust of their clients.

Over the 27 years in business, services provided include Homeowner Association services, Real Estate Broker Services, Property Management, and support to over 29 charities, schools, church groups, military families, developers, builders, and community service groups.

Team members have experience in brokerage, former HOA elected leadership roles, builder’s teams, and Property Management. The nine team members each know the value of customer trust and commitment required to deliver services for each client. This commitment results in bringing the team’s depth of experiences to both new and experienced HOA Boards for early identification of lessons learned, mitigation of potential issues, and enables clean transitions with no surprises. HPI’s objective is to continuously improve the stability and performance of their clients.

The team has built a reputation of high professional standards with their professional, knowledgeable, caring, and dedicated team members through their commitment to their clients. Each meeting or call is an opportunity to maintain that reputation, and this new chapter within the organization will only stand to reinforce these values for community success.

“My team has always been there for our clients, and we have been able to share what we know to help our communities. Sometimes, as we have learned in this business, not every community is looking for what we offer, and it is best for both parties to find a better match. Each HOA Board is different, with experience, skills, and knowledge of how to successfully manage their community as directed by their covenants. We truly enjoy the opportunity to assist our community boards and homeowners as they grow stronger,” said Betty Hughes.

Hughes Properties hopes that you will continue to be part of the extended family which has been growing for the past 27 years. The =HPI is stronger together and are enthusiastic about this new chapter as they continue the legacy that Betty has established. HPI looks forward to continuing with their current clients and your referrals to help others whom Hughes Properties, Inc. might assist in the future. u

Pictured left to right: Betty Hughes, Marion Myers Photo by Steve Babin

RECOGNITION

Brad Hayes Named Tuscaloosa Market President

Progress bank opened its 12th location in Tuscaloosa, Alabama recently, with Brad Hayes elected Tuscaloosa Market President.

“Brad will be an integral addition to our senior management team with his impressive background in banking. A native to Tuscaloosa, he provides valuable insight to the wants and needs of our clients in the area,” said David Nash, President and CEO of Progress Bank.

Hayes brings 17 years of experience through central Alabama to this new position in Tuscaloosa. A graduate of the University of Alabama, Hayes has worked a variety of roles within the banking industry, including branch management to commercial banking.

The Tuscaloosa expansion represents a major achievement for Progress Bank, whose headquarters are located here in Huntsville.

“With the expansion of Progress Financial Services in Tuscaloosa earlier this year, we have been anxiously awaiting the right time to add our banking services in the area and are excited to be moving forward,” said Nash

The interim bank office will be an approved Loan and Deposit Production Office located at The Tuscaloosa Galleria at 1661 McFarland Boulevard, until it is moved to its permanent location at 2529 12th Street after construction is complete in 2022. RECOGNITION

Todd McAdams Inducted into Leadership Huntsville

Warren Avertt CPAs and Advisors inducted Todd McAdams, CPA, CGMA, MACC, of their Firm’s Huntsville office into the Leadership Greater Huntsville’s 35th Annual Flagship Program.

McAdams has over 20 years in Huntsville and Madison County as an accountant.

At the Firm’s Huntsville location, McAdams leads the Government Contracting Group, specializing in DCAA audit support, financial statement preparation, audit and analysis, and internal controls, to name a few.

Leadership Greater Huntsville provides community and organization leaders with programs involving classes and community service projects.

The Annual Flagship Program provides selected leaders with classes and in-depth knowledge of the Huntsivlle community, as well as facilities projects that help give back to Madison County.

This program is ten months long, lasting from August to May.

“I am honored to be a part of Leadership’s 35th Flagship Class. I care deeply for our community and look forward to the time I will spend with the amazing and very accomplished community leaders that I am now able to call classmates and friends,” said McAdams. “Being a part of the Annual Flagship program will help me grow as a leader and continue to serve this amazing community where I was born and raised.”

RECOGNITION

HSV’s Rick Tucker Named Director of the Year, Small Airports Division

Airport Experience News has selected Port of Huntsville Executive Director and CEO Rick Tucker as Director of the Year for their Small Airports Division, for his significant contributions to national aviation policy.

A 40-year airport industry veteran who has been with Huntsville International Airport since 1978 and named executive director and CEO in 1994, Tucker is responsible for the overall management of the airport, the International Intermodal Center, and the Jetplex Industrial Park, all owned and operated by the Huntsville-Madison County Airport Authority.

“Rick Tucker’s steady leadership hand over decades at HSV, lifting both passenger and cargo activity, made him an obvious choice,” said Melissa Montes, publisher of Airport Experience News. “Rick has also had significant influence on national aviation policy through his work with ACI-NA, AAAE and the Alabama Congressional delegation.”

Tucker said it is an honor to be selected for the honor.

“This recognition is a testament to the dedication to excellence by our entire team here at Huntsville International,” said Tucker. “From the visionary leadership of our board to the exceptional staff who have committed their lives and careers to making HSV the best – they inspire me every day!

“This has never been more evident than our successfully meeting the numerous challenges faced as a result of the pandemic. We have remained focused on our mission to serve. I am proud of this team!”

Tucker is the first of three directors of the year to be named by AXN for 2021. AXN’s selections for the medium and large airport categories will be revealed in the coming weeks.