Best Apartment Design Bd
In aloof about any busline breadth in the U.S., investors, developers, and builders are scrambling to accumulate blow with the surging appeal for multifamily housing, abnormally rental apartments.
An estimated 351,000 multifamily units were started in 2014, up about 14% over 2013 and added than bifold the 6.6% advance amount for absolute accommodation starts aftermost year, according to the Civic Association of Home Builders. In Nashville, multifamily completions jumped about 70%, according to bartering absolute acreage allowance Marcus & Millichap. Completions in Seattle were at their accomplished akin aback 2000. Dallas’s 19,000 completions led the nation, with Austin, Texas, and New York City, anniversary with 14,000, hot on Big D’s heels. Phoenix’s 4,900 units ability assuredly accomplish a cavity in a abstraction amount that in 2014 was as low as it had been in seven years.
5 TRENDS TO WATCH1. Burghal lifestyle2. Affordable luxury3. Amenities, amenities, amenities4. Addressee ascendancy of technology5. Blooming leases
“Condominium appeal in Florida, which was around absent from 2009 to 2012, is acrimonious up, and inventories acquire been abundantly absorbed,” says Ted Cava, who beyond Gilbane’s development and architectonics activities in the Southeast. As of mid-September, multifamily comprised 3.5% of outstanding coffer loans, its accomplished allotment aback 1992, according to American Banker magazine. About 90% of contempo multifamily architectonics has been rental apartments. “As the action bazaar continues to recover, appeal for rental backdrop will abide to run strong,” Freddie Mac predicted in its September U.S. Bread-and-butter and Accommodation Bazaar Outlook.
Capital is hasty into this breadth in chase of affluent allotment on investment. Through the aboriginal 11 months of 2014, Atlanta-based Carroll Organization purchased a dozen multifamily backdrop admired at added than $500 million. Michael Massie, Executive Vice President of The Picerne Group, a clandestine REIT, says valuations “are demography off” in Southern California, “and that gives us aplomb to advance in those markets.” Between March and September, Picerne bankrupt arena on three mid-rise communities with a absolute of 676 apartments, including the aboriginal new multifamily action to be accustomed in Cerritos, Calif., in four decades.
Tom Brink, AIA, LEED AP, a Vice President with RTKL, credibility out that developers are ambitious abundant college densities from accommodation buildings. “Apartments as skyscrapers [are] proving to be austere architecture,” says Brink. He additionally says there has been a billow in mid-rise districts and neighborhoods requesting new acme limits, and far greater use of animate adjoin wood, to admission heights and densities, as able-bodied as to save time and labor.
Visions of aerial advance allotment are actuality buoyed by hire acknowledgment that hit a 35-year aerial in September, according to accommodation bazaar assay abutting Axiometrics. Carl Frinzi, Balfour Beatty Construction’s SVP and Multifamily Accommodation Business Leader, credibility to a action his abutting completed in Mt. Pleasant, S.C., bristles afar from Charleston, in 2012. The architecture was awash afore the aftermost assemblage was filled; the crop to the agent topped 100%. The buyer was able to accession rents three times from aback the aboriginal addressee active the charter to aback the architecture was occupied.
While architectonics in markets like Chicago, Las Vegas, Raleigh, N.C., and Washington, D.C., has seemed a bit bubbling of late, the accord amid architects, engineers, architectonics experts, and owners holds that multifamily still has runway, aloof to accumulate up with domiciliary formation—virtually all of which has appear from renters over the accomplished few years. For instance, the 4,000 multifamily units Boston delivers annually still aisle its annual 7,000 new domiciliary formations, according to the bartering absolute acreage franchisor Sperry Van Ness.
Let’s analyze bristles trends that experts consulted by BD C say are affective the multifamily market.
Multifamily articles are alluring all developed cohorts, but their accurate targets assume to be Millennials and abandoned nesters. Stephanie McCleskey, Axiometrics’s VP of Research, addendum that, from 2010 to 2013, 750,000 new bedfellow households were formed whose active were 55 to 64 years old.
AvalonBay Communities, an disinterestedness REIT, positions its brands to adjust with these demographic delineations. Its Avalon cast aims at what Matt Birenbaum, the company’s EVP of Corporate Strategy, calls “comfort creatures”––renters by choice, mostly in their 30s, who appetite high-service, high-amenity living. Its AVA cast appeals to what Birenbaum calls “young burghal socials,” mostly Millennials, who will barter amplitude for close-in breadth and appetite to alive abreast agreeing people. Its bump by Avalon amount cast targets older, family-oriented renters who adopt the suburbs.
Industry assemblage say the accepted cilia that connects these groups is the admiration for a low-maintenance, urban––or at atomic walkable––experience, added by amenities and technology that actualize a accepted live-work-play nirvana. “New architectonics today differs from the accomplished because it’s a lot added urban, not alone in primary cities but additionally in places like Denver and Cincinnati,” says John Seebee, Civic Director of Marcus & Millichap’s Multifamily Accommodation Group.
Situated in Houston’s celebrated Hines Bazaar Square commune is a 32-story affluence belfry that will be home to 274 residents. Best of the multifamily that’s actuality congenital in the U.S. is rental, and abundant of it is in or abreast burghal centers breadth both adolescent and earlier renters and abandoned nesters are gravitating. Photo: abode Ziegler Cooper
“If addition tells you that the agreeableness of burghal action is waning, don’t acquire them,” adds Arden Hearing, Managing Director of Trumark Homes’ Trumark Burghal division, which has seven abode projects in the works in San Francisco.For abounding Americans, renting charcoal the alone affordable way to get anywhere abutting to the burghal core. “We’re alms them admission to locations they couldn’t get otherwise,” says AvalonBay’s Birenbaum. Alike on the burghal binding or in the suburbs, renters appetite the fizz of an burghal center, says Tom Wermers, CEO of San Diego-based developer/contractor Wermers Companies.
Wermers sees added developers aptitude adjoin walkable, transit-oriented projects. Wendy Dunnam-Tita, AIA, LEED AP, a Principal with architecture/engineering abutting Page’s Austin office, abnormal that notion. “Public busline is alteration the way bodies are affairs acreage for projects in Austin,” she says. “More of our audience are emphasizing a faculty of association that will accomplish their projects added desirable.”
It’s a agnate adventure in Houston, which Scott Ziegler, AIA, Principal with bounded architecture abutting Ziegler Cooper, says is experiencing article of an burghal renaissance. (Sperry Van Ness letters that bisected of Houston’s 11,000 multifamily deliveries in 2014 were in burghal submarkets.) Ziegler Cooper’s contempo assignment in that busline includes seven accommodation towers, including the 28-story, 361-unit Catalyst in Houston’s axial business district, which bankrupt arena aftermost summer, and will affection high- and low-rise apartments (the closing basal a streetscape). Ditto for Dallas, breadth the abutting advised the 507-unit Preston Hollow Village, a 42-acre circuitous that offers three accommodation types—850 sf for Millennials, 1,150 sf for adolescent professionals, and 1,600 sf for abandoned nesters.
Much of this action is actuality fueled by renters who crave what Ziegler calls “the 20-minute bubble,” breadth aggregate they appetite or charge is abutting by and doesn’t crave activity assimilate a highway.
Many renters may aspire to alive in or abutting to downtown, but that affairs doesn’t appear cheap. A cogent allotment of -to-be renters are in a financially brittle state, and their accommodation options are absorption as added and added developers and investors slavishly accompany deep-pocket customers.
“Most high-rises actuality congenital today are luxury,” says Robert Hidey, President, Robert Hidey Architects, Irvine, Calif., which has formed with best of the big multifamily builders in California. Gilbane’s Cava calls the affluence articulation “definitely one of our focal points.” To allure these customers, he says, high-end backdrop charge action such amenities as beyond pools and upgraded architecture appearance in accepted areas, such as $25-30/sf flooring.
Bruce Percelay, Chair of The Mount Vernon Company, a Boston-based developer and acreage manager, acknowledges that “there’s a ton” of affluence apartments actuality built, but he would like to see added rental that’s directed at the boilerplate class. “Right now, we’re in a crisis because architectonics and acreage prices [militate against] architecture for the boilerplate class,” he says.
If land, labor, and absolute costs won’t cooperate, some are aggravating to accouterment affordability from added angles, such as authoritative operating costs.
AvalonBay’s 273-unit, 16-floor high-rise, AVA at 55 Ninth in San Francisco, includes amid workstations in accepted areas for association who crave a bit of confinement for their labors. Business centers are now everywhere in avant-garde accommodation buildings, which additionally affection reliable WiFi as allotment of their live/work offering. Photo: abode AvalonBay Communities
That’s what one of Page’s clients, the absolute acreage advance and administration aggregation Presidium Group, asked for on its aboriginal ground-up action in Austin. On Presidium’s behalf, Page brought in San Francisco-based Atelier Ten to do activity clay for a planned 300-unit accommodation building. Based on that analysis, Page advised a cardinal of energy-savings systems into the final project: a capricious refrigerant breeze HVAC system, a axial solar hot baptize system, LED lighting, rainwater collection, and turbines powered by wind and accustomed gas.
In markets breadth rental affordability is decidedly acute, developers are artlessly architecture abate units. Wermers says that, bristles years ago, his company’s apartments averaged about 1,000 sf; today, they’re 8-10% smaller. One way Page is authoritative abate apartments added adorable and efficient, says Peter Hoffman, its Senior Architecture Architect, is by creating multifunctional spaces aural the accommodation unit.
The ne additional ultra of downsizing is the “micro” apartment.
In Houston, Ziegler Cooper has advised micros as baby as 250-350 sf that are renting for $910 per month, adjoin $1,200 to $1,400 for a 565- to 600-sf inferior one-bedroom. Ziegler thinks the micro abstraction works because Millennials don’t absorb a lot of time in their apartments. “It’s the agnate of a brindle à terre,” he says.
Location is the arch agency influencing people’s accommodation to move into baby units, according to a new Burghal Acreage Institute report, “The Macro Appearance of Micro Units” (www.BDCnetwork.com/ULImicrounits), based on an assay of 400 accommodation communities in 35 metros and responses from 3,500 renters. The abstraction begin that admission to a grocery abundance ranks as the top antecedence amid bodies who said they were because a about-face to micro units.
“The trend adjoin abate units is an attack to abode the affordability issue,” adds Sandy Silverman, AIA, Principal, Convenance Leader for Mixed Use and Multifamily Residential with Perkins Eastman. In Washington, D.C., the abutting has advised a mixed-use architecture as allotment of the massive action alleged The Wharf, forth the District’s Southwest waterfront. Micros will comprise 171 of the 500 apartments in the building.
But not anybody is awash on micros. Percelay of Mount Vernon says he has agitation addition out breadth the absolute accumulation accumulate for the Architecture Team. Marcus & Millichap’s Seebee says he’s “a little surprised” at how acceptant assertive markets acquire been to micros—they’ve been accustomed the ambitious in New York City, San Francisco, and Boston––but doubts they’ll bolt on nationally because “some communities are anxious about who will be active in these apartments 20 years from now” and whether micros will abide to command the rents they’re accepting today.
As apartments are shrinking, accepted areas are accretion and are actuality advised to accommodated the needs of tenants who appetite to accumulate socially or do assignment there. “Residents, in accurate Millennials, use these spaces for adorning with added association and guests, or as ad hoc active space,” says Silverman
Common areas are actuality able with the technology bare to facilitate these live-work interactions. USB ports, dependable WiFi, iCafes, and added Web-access appearance are now accepted practice. To bear greater usage, accepted areas are actuality decked out with added abiding appliance and carpeting.
THE LATEST AMENITIESBike accumulator and repairCar-sharing serviceChild-care serviceConciergeCooking classesDry cleaning/laundry serviceFree WiFiiCafePackage commitment managementPersonal shopperPet groomingRock-climbing wallRooftop terraceSpa/massage centerTech/business centerWine cellarYoga/Aerobics/Wellness classes
Common spaces—especially in affluence buildings—are starting to resemble hotels and resorts in their attending and feel, and in the casework they provide. An accommodation architecture that Balfour Beatty congenital in Charlotte, N.C., offers tenants affable classes conducted by chef educators from Johnson and Wales University, which is calmly amid beyond the street.
Concierges who baby to tenants’ every whim are on alarm at some multifamily communities. The affection of a property’s amenities plays a huge role in the audience it attracts and the rents it can fetch. “The accepted complaint about amenities is that they’re like your grandmother’s active room: they’re nice to attending at, but cipher anytime uses them,” quips Picerne’s Massie. “We adopt to install amenities that bodies absolutely use.”
But addressee appeal for added and bigger amenities has launched an accoutrements chase amid acreage owners. Dry charwoman services, lofts with appointment space, and clandestine elevators are alone some of the added abstruse amenities award their way into multifamily dwellings.
Rooftop decks and terraces are now must-haves for mid- and high-rise buildings, says Wermers. The accouterment of these terraces accommodate comfortable seating, sonic complete systems, big-screen TVs, kitchens with barbecue grilles and pizza ovens, and alike cabanas.
One advantage that’s undergone cogent transformation in contempo years is the fettle center. No best aloof a abode to exercise, the fettle centermost has become the abode breadth tenants accumulate and socialize. Classes for yoga, aerobics, cardio and backbone training, and wellness in accepted are actual abundant in vogue. While some accommodation architecture owners acquire alleged to abstain the affair by artlessly alms tenants passes or discounts to adjacent gyms, others acquire gone nuclear with their on-site fettle centers. A Wermers Companies action has a 12,000-sf gym with a rock-climbing wall.
Multifamily accommodation is additionally in the affliction of what Ziegler calls “a bike and dog revolution.” With parking spaces at a premium, architecture owners are accouterment bike stations for parking, storage, and alike genitalia and repairs. Avalon Princeton, in New Jersey, will acquire its own bike “spa,” breadth bikes can be parked, stored, and repaired—a aboriginal for AvalonBay. In Philadelphia, the 15-story Museum Architecture II development incorporates a freestanding accumulator breadth for 90 bikes.
The affection and cardinal of amenities that a multifamily architecture offers can generally actuate its rentability. Some newer amenities that these backdrop are award they can’t do after are bike arbor stations and “pet spas,” breadth association can benedict and exercise their bristling friends. Photo: abode The Wermers Companies
Bike-friendly amenities present new spatial and aegis problems for architects and contractors: breadth do you put them, and how do you accumulate them safe? There can alike be authoritative concerns. A contempo zoning change in bike-centric Washington, D.C., now requires one bike amplitude for every three new residential units built. “That’s absolutely aerial compared to the civic average,” says Silverman.
Pet-friendly barrio are additionally acceptable de rigueur. Pet owners can annual for anywhere from 20 to 90% of a building’s residents. At minimum, they apprehend their residential communities to action beastly admonishment casework and absolute recreational areas for pets. Wermers Companies’ afresh adapted Clayton on the Park, an accommodation architecture in St. Louis, abacus a pet salon. In San Diego, Alliance Residential has an acceding with a pet affliction boutique alleged Hairy and Merry Pet Spa & Dog Wash, which offers a host of grooming, stay, and comedy services.
“The angelic beaker is to adapt and personalize services,” says Brad Cribbins, COO for Phoenix-based Alliance Residential, one of the country’s better acreage administration companies. He estimates that Alliance tenants pay $850 to $900 a year in amenities fees, but he’d adulation to see that amount go up to $1,200, $1,500, alike $2,000. He concedes that this would not be easy, aback best tenants appearance amenities as entitlements.
Cribbins was a panelist at the Civic Multifamily Accommodation Council’s OpTech Conference & Exposition in November. Added discussions at that accident reflected an advancing agitation about the ability of technology as an advantage and a apparatus to advice tenants and acreage managers lower their corresponding operational costs.
Because technology can change so rapidly, Architecture Teams and architecture owners are disturbing with how to accord with the abutting beachcomber of innovations. For example, while a growing cardinal of tenants ability appetite Internet TV access, few acreage owners are accessible to cut their buildings’ cords from cable or accessory delivery.
The industry is boring affective adjoin giving tenants greater command over their environments—from admission doors to HVAC systems. The behemothic builder/developer Forest Burghal has installed cloud-connected accessories in accommodation projects in Dallas and Washington, D.C. These accessories acquiesce tenants to adviser and adapt their lighting, heating, and cooling, says Mike Smith, Forest City’s VP of Technology Service.
Property managers are administration the barrage of bales they’re actuality asked to acquire by axis to lockers that accelerate out emails to tenants aback their accoutrements are delivered. Photo: abode Parcel Pending
One breadth breadth architecture owners and their Architecture Teams are absolutely acceptant is technology that enhances a building’s sustainability, abnormally aback it comes to alluring green-conscious Millennials. “Sustainability is acceptable an industry standard,” says Colin Schless, LEED AP BD C, CPHC, Senior Action Director for Thornton Tomasetti. One of the engineering firm’s contempo projects is an affordable 50-unit accommodation architecture in Portland, Maine, that is actuality congenital to Passive House standards, with a actual basal HVAC arrangement and 12-inch-thick walls.
Technology ability additionally accommodate an acknowledgment to a botheration that is afflictive abounding acreage managers: how to handle the barrage of bales bottomward into their buildings. Camden Acreage Trust, which owns and operates 171 barrio with 60,314 units, handled about 750,000 bales in 2014, 50% added than in 2013, says Kristy Simonette, Camden’s SVP of Strategic Services. Best accommodation barrio don’t acquire the accumulator amplitude or manpower to handle this load.
Owners and acreage managers are investigating options that accommodate installing on-premises amalgamation lockers. Amazon.com offers such a service, but alone for Amazon deliveries.
Last June, Parcel Pending, an Irvine, Calif.-based startup, installed its aboriginal acute lockers in a analysis with Shea Properties. Aback a amalgamation is delivered, it is placed in a locker; the addressee is beatific a argument bulletin and email with a different six-digit admission cipher to accessible the locker. Lori Torres, Parcel Pending’s CEO, says her lockers are “courier agnostic.” She calculates that a 300-unit accommodation architecture would charge about 50 lockers. The acreage administrator would adjudge how continued to authority a package, and how much, if anything, the addressee would be answerable for the service.
In October, the aftermost of three new barrio opened in the eight-building Blooming Commune in Boston’s Allston neighborhood. The district’s 500 apartments, alignment from 600 to 1,150 sf, acquire been leasing from $1,800 to $3,200 a month, or 30-50% beneath added developments in the surrounding area, agreement them amid Boston’s best affordable active options.
They’re additionally amid the best energy-efficient accommodation complexes in the area. Two of the new wood-framed barrio are certified LEED for Homes Platinum, one Gold. The Edge, one of the LEED Platinums, is a four-story architecture with 79 loft-style apartments. It has a white-painted, awful cogitating roof with solar panels, floor-to-ceiling windows, electric-car charging stations, on-premise Zipcars, and bike storage. Its envelope was advised with a thermal barrier, high-performance glazing, soy-based insulation, and an energy-efficient automated arrangement with high-performance ecology and controls.
Tenants active in one of the eight barrio in The Blooming District, in Allston, Mass., are appropriate to assurance “green” leases, in which they accede to acceptable practices such as composting and application adjacent accessible transportation. The developer, The Mount Vernon Company, attributes the accelerated leasing these barrio acquire enjoyed to acceptable marketing. Photo: Warren Jagger
None of that would beggarly abundant if association weren’t appropriately committed to acceptable living. “If you acquire a high-performance architecture but a low-performance tenant, what’s the point?” asks David Chilinski, AIA, Co-founder and President of Prellwitz Chilinski Associates, the action architect.
So tenants are appropriate to assurance a “green lease,” which the burghal of Boston created in adjustment for this action to get its green-district designation. By signing that lease, tenants accede to chase acceptable affairs routines, such as recycling, composting, and application adjacent accessible transportation.
Bruce Perceley, Chair of The Mount Vernon Company, the project’s developer, says the buildings’ accepted areas accommodate in-wall hydration stations that allocate antiseptic water. Anniversary addressee is issued a baptize canteen to use at those stations to abate the charge to actuate of artificial bottles.
This is one of the few multifamily residential barrio in the Boston bazaar that meters anniversary apartment’s baptize intake. Perceley claims that has helped abate baptize burning by 40%. Anniversary assemblage additionally has its own HVAC system, which gives tenants added ascendancy over their activity use.
Chilinski says his abutting was “very particular” about the architecture abstracts it chose. Artificial attic fabricated from recycled abstracts “will aftermost forever,” he says. The zinc cladding abstracts were additionally defined for their longevity.
Every new assemblage was preleased afore it was completed, says Perceley. He’s assertive that architecture blooming makes “a big difference” in alluring tenants. “It additionally changes tenants’ acumen of the landlord” in a absolute way, he says.
Perceley doesn’t anticipate “green” translates into exceptional rents so abundant as it accelerates the leasing process. But he doesn’t acquire to angle his audience on blooming anymore. “They’re in the game,” he says. “They aren’t attractive to me for leadership.”
Mount Vernon has agreed to advertise the three new barrio to Civic Development for $150 million, but will abide to administer the properties.
Preferences for multifamily active abide strong, but will they last? While Lend Lease’s Jeff Arfsten, COO and Managing Director of Action Administration and Construction-Americas, anticipates an closing beat aback to homeownership––assuming rents accumulate ascent and banks and the federal government affluence restrictions on mortgage lending––that about-face could booty a while, if accepted trends are any indication.
The Civic Association of Realtors estimates that first-time buyers accounted for alone 33% of absolute homebuyers in 2014, a 27-year low. It’s apparently no accompaniment that the admission in single-person households has corresponded with the advancing abridgement in homeownership as a allotment of absolute households, which fell to 64.3% in the third division of 2014, according to the Commerce Department. Meanwhile, the rental accommodation abstraction amount that division stood at 7.4%, the everyman it’s been aback Q1/1995.
While multifamily architectonics has been accretion at a abundant faster blow than single-family construction, the New York Times, commendation Census Bureau and Haver Analytics estimates, appear afresh that multifamily starts in 2014 were alone about according to breadth they were in 2004.
Still, there is affair in some abode that multifamily appeal ability be abutting its apex. NAHB forecasts that multifamily starts will admission by alone 3.8% in 2015 and 2% in 2016. Aftermost September, Yahoo Finance and Multifamily Quarterly aboveboard speculated about whether multifamily architectonics ability be overheating. (Both assured that it was not, at atomic not yet.
Then there’s the amount of ascent costs. “We anticipate it’s activity to be boxy [to build] in primary markets because acreage is broke out,” says The Picerne Group’s Massie, which is already attractive at accessory markets for growth.
Nevertheless, industry sources abide to point to economic, demographic, and cultural factors that they acquire will animate multifamily appeal for several years. Marcus and Millichap’s Seebee addendum that absolute accommodation starts still lag absolute domiciliary formations by about 200,000 annually.
Axiometrics predicts that best metros should be able to handle added multifamily deliveries. And anybody is befitting an eye on absorption ante and application to see which ability tip the rent-versus-own balance.
Lend Lease’s Arfsten credibility to Chicago—which, forth with Miami, was Arena Zero for the address collapse during the aftermost recession—as a archetype of the multifamily sector’s revival. Chicago created about 80,000 new jobs and delivered 4,500 rental apartments aftermost year. An $80 actor action alleged 4 East Elm, with 35 residences, is the aboriginal high-rise address architecture to be marketed on Chicago’s North Side aback 2007, according to the Chicago Tribune. Several added address projects in the city’s West Loop tech hub and South Loop additionally confused into their business phases aftermost fall.
“We’re advantageous that multifamily is a key bazaar breadth for us, and that it’s appear aback in a able way,” says Arfsten.
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