Charlie Pendergraft
Commercial Real Estate Investor and Developer at Urban Genesis - Houston, TX, US
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Charlie Pendergraft's Contact Details
Houston, Texas, United States
Urban Genesis
Charlie Pendergraft's Company Details
Urban Genesis LLC ("UG") focuses on providing affordable, Class-A living experiences in unaffordable urban locations. The prospective UG renter is faced with choosing between expensive Class-A options or undesirable Class-B options. This occurs because new product is delivering to match their desires but does not match their income levels. Currently, 85% of multifamily under construction requires incomes greater than $75,000 per year, the top 20% of the renter base, which means a majority of new housing is missing the heart of incoming workforce formation. UG's strategy is to serve this "missing middle" with product that rents $200 to $400 less per month than competing Class-A product in equivalent submarkets. The lower rents translate to income levels of $40,000 - $65,000 per year which attracts the "missing middle".