Thursday, July 4th, 2019 July4th2019

Sell for More News: Amenities are driving demand for apartments

Published on July 4th, 2019

Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.

 

Most people think apartment dwellers choose to rent for financial reasons, flexibility and no maintenance. There is a 4th reason…amenities!  New luxury apartment buildings are absolutely stacked with amenities.  We just built our dream house and I still find myself feeling envious of the amenities at some of these new apartment buildings.

Multifamily development has picked up considerably over the past few years, as the demand for high-quality apartment communities near major employment centers and entertainment has increased.  Driven by demographics, couples getting married and having kids later, lifestyle choices, and pent-up demand, millennials, Gen Z, and some Baby Boomers are flocking to newly-developed Class A communities.

These people want much more than a nice apartment…they want a lifestyle.  They want conveniences, technology, a robust resident event program, a sense of community and lots of amenities.

Just about every new apartment community has a state-of-art fitness center, resort-style pool, and co-working spaces.  But what are some of the amenities you maybe haven’t heard of?  Below they are broken into 3 categories: Amenities, Resident Programs, and Design.

Amenities

  • Arts & Crafts Room
  • Makers Room
  • Wine Room/Storage
  • Golf Simulator
  • All Sports Simulator (Hockey, Lacrosse, Football, Soccer etc.)
  • Rooftop Screening Room
  • Rock Climbing Wall
  • Basketball Court
  • Beauty Salon
  • Meditation Room
  • CrossFit
  • Pet Washing Stations
  • Year-round Hot Tub
  • Bike Rooms
  • Sauna / Steam Room
  • Music Studio / Jam Room
  • Demonstration Kitchen
  • Package Rooms with Cold Storage
  • Mini Golf

Resident Programs

  • Deposit Free Renting
  • Hello Alfred
  • Airbnb Friendly
  • WAG Preferred Partner
  • Lyft/Uber Partnership

Design

  • Sculpture Garden
  • Art Gallery
  • Vertical Landscape
  • LEED Certification
  • Electric Charging Stations
  • Sonos Speakers
  • Electronic Roller Shades
  • Stroller Valet
  • Fully-Furnished Units
  • Live/Work Spaces
  • 8’ High Doors

I can definitely see why childless households would choose to sell their single family homes to live in a luxury apartment community…for the amenities.

 


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About Beau Beach, CCIM

Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com