MONROE — A new project designed to help provide more rental housing stock in Monroe is full and now has a waiting list for new tenants the owners say.
Alice Place Monroe is a new apartment building on the city’s far northwest edge for residents ages 55 and older who pay rent on a sliding scale. Pioneer Property Management out of Platteville purchased and rezoned 4.27 acres of land to make way for the effort.
The building site is located in the southwest corner of a 100-acre parcel of land behind Walmart.
In addition to the Monroe project, Pioneer Vice President Joe Marone has said the company has a similar project up and running in Boone, Iowa, and is always eyeing additional potential sites in dynamic communities who need them.
They manage 85 properties nationwide that range from 18 to 144-unit buildings, and extensive market studies are conducted before they decide to make an investment in a given area.
All apartments in the Monroe facility — which includes one- and two-bedroom layouts — have been rented since January, after leasing of the units began upon the project’s completion last November, he said.
“It’s been a huge success,” Marone said.
The facility is restricted and residents are approved based on income level. Many of the stipulations in place follow U.S. Department of Housing and Urban Development (HUD) guidelines. Residents have to apply and qualify to live there — and there is currently a waiting list, he said.
What that means for the renters is that the least someone would pay for a one-bedroom apartment is in the $430 per month range, while a limited number of market-rate two bedroom apartments go for about $1,100 per month, he said.
The quick rental of all units is evidence of the project’s need here and of the wisdom of the city’s investment of time and tax dollars in its creation, Marone said.
At a meeting in mid-November of 2019 the Monroe Common Council unanimously approved $600,000 in funding toward the proposed $8.5 million project, as well as the option for developers to purchase four acres owned by the city for $80,000.
“It shows that there is a big need in the market that wasn’t being addressed,” said Marone. “We try to identify communities like Monroe that have this need where we can make an impact.”
About 65-70% of the rentals went to existing residents of Monroe, the rest drew tenants from the throughout the region including those from Freeport and Albany, he said.
Beyond a mere apartment building, the facility is something of a planned community or neighborhood for its residents, who enjoy such amenities as a big community room and other shared spaces, such as a workout facility. They have morning coffee get togethers and other events for residents to meet each other, and many take advantage of the proximity to Walmart for walking shopping trips.
In addition to providing desperately needed rental housing, those who moved into the project likely freed up additional single-family home stock in Monroe, which also is extremely hard to find.
“It creates churn in the market,” he said. “The market here has been somewhat stagnant.”
A stagnant market is bad for the major employers in town who need affordable housing to attract and retain workers, said Marone, who emphasized that Monroe has been one of the best communities it has worked with thus far.
“They have been one of the best cities for us to work with,” said Marone, adding that the property also serves as a catalyst for future commercial and residential development in that part of town.
Those with questions about the project or who wish to have their name added to the waiting list can call 608-325-1939.
