Apartments: Efficiency, Sustainability, Amenities Make it a Popular Choice
In a city where we are not experiencing appreciable population growth, apartments appear to be an “it” property. Lifestyles have changed dramatically; Baby Boomers are retiring and active yet are downsizing, and while Millennials too share active lifestyles, neither want encumbrances of property ownership.
As an investor, apartments can outperform other commercial real estate property types, regardless of holding period, region, metro size, and growth rate; this may result from multi-family’s relative low risk and investors’ tendencies to underestimate capital expenditures for other asset classes.
For residents, sophisticated design/amenities, driven by lifestyle and technology changes, show a stark contrast to apartments of the “past”. Demand for smart home technology, “green” elements, energy and water efficiency, lightning fast WiFi, facilities for pets, wellness and socialization spaces, motivating developers to respond. Some even include rideshare areas for Uber or Lyft.
As you transform your existing community into “the” place to live, or develop new, enhancing your portfolio, choosing a partner with resources and experience will add value to your vision and to the completed project.