News
Multifamily Monday: Not Your Father's Apartment
August 16, 2010
| Today's urban multifamily market has evolved toward resort hospitality and amenities, instead of just a swimming pool and a workout room in the basement. | |
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| TBG Partners principal Jim Manskey tells us that apartment living has always included a pool, but it was more utilitarian. A big multifamily trend over the last five years is resort hospitality, with the creation of comfy outdoor living rooms. There's a move to designer pool edges adjacent to detailed decking. Another popular amenity is a functioning lawn for activities like Pilates, yoga classes, or the one we prefer: watching other people do Pilates and yoga. | |
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| The 292-unit Park 17 apartment building (developed by Gables Residential) in Uptown features a signature element: a one-acre rooftop deck that sits atop the parking garage on the 7th floor featuring an infinity-edge swimming pool, outdoor kitchen, and fireplace, plus the lush gardens you see above. "It is really creating a whole living room environment outside, not unlike the resort hospitality market," Jim adds. In urban environments, in particular, Jim says the use of fire and water in combination (ironic, we know) create that resort kind of feel. TBG recently launched another project on Henderson in East Dallas. | |
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| Prescott Realty Group managing director Taylor Stone says his almost one-year-old Shelby is fully leased in large part because of tenants' desires to have an outdoor living space in an urban environment. Near SMU, Shelby's lifestyle deck features an outside fireplace, cooking area, and a flat-screen TV. Taylor says he still sees the trend of people returning to the city seeking a pedestrian-friendly, live/work/play environment. |
