The unpredictable nature of Multifamily Market
The multifamily market has changed dramatically over the last 25 years.
For example, rooftop amenity areas were almost unheard of during the apartment boom of the 90s. These are now marketing requirements for class A urban product.
Designing a rooftop amenity area that resembles one found at a hotel in South Beach is one way I set my projects apart. I select colorful and dramatic fabrics for cabanas as well for something as small as neck pillows for poolside chaises. I draw significantly from my single family development experience in Palm Beach to incorporate true luxury elements into my apartment communities. This is often accomplished by something as simple as selecting a hard surface counter similar to Carrera marble or using hand blown glass pendant lights to accentuate the club house.
Another single family home element that transposes nicely into class A multifamily development is the use of higher ceilings (9-10ft), coupled with 8 ft. doors versus standard size apartment doors. A state of the art fitness center is more important than ever. Incorporating a spin room as well as a yoga/meditation area into a community are defining features. Something as simple as installing a translucent wall covering with bamboo threads makes all the difference in a yoga room. Full size washer/dryer availability with linen closets are now essential for all communities.
Thanks to the evolution of technology as well social media the prospective resident of today is more discerning and more worldly than in the past. Residents can do most of their research online prior to visiting a property. Most narrow their options down to one or two communities for a personal visit. This means management has one chance to wow and close the lease. Outstanding amenities play a vital role.