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July 15, 2024

Gen Z Is Staying In Apartments Longer. Young Developers Might Have A Leg Up In Catering To Their Peers

Frank Monterisi Of Related Discusses Progress At The Willets Point Development Aug. 8

Jamauri Bogan, a 28-year-old developer in Kalamazoo, Michigan, has a pretty simple strategy for finding out what young apartment tenants want. He calls his friends.

Although the college running back-turned-multifamily developer hopes to avoid calls from his friends about broken sinks and other snafus at his properties, Bogan welcomes feedback about the next steps for his business.

“When I first started in the business in 2020, I would text my friends and ask them, ‘What would you want in an apartment?’” Bogan said. “‘What would an apartment need to have to get you to stay in Kalamazoo?’”

That feedback makes its way into his projects, like the recently opened Zone 32, a 14-unit property with a childcare center for tenants and a second phase in the works. Like so many other developers, Bogan is chasing a younger generation of apartment dwellers who, due to challenges in the housing market, see themselves as being renters for much longer than older generations. Bogan believes it’s just common sense for developers to think more about the consumer.

Gen Z Is Staying In Apartments Longer. Young Developers Might Have A Leg Up In Catering To Their Peers

“When I was purchasing an engagement ring for my fiance, I didn't just go to the jewelry store and purchase something for her. Rather, I asked her what she wanted,” he said. “I think that’s the same thing developers have to do.” The multifamily industry already made a significant effort to…

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DOJ, FBI Investigating Arbor Realty Trust Following Fraud Allegations

The Department of Justice has launched an investigation into Arbor Realty Trust following a series of reports and accusations of fraud by short sellers.

DOJ, FBI Investigating Arbor Realty Trust Following Fraud Allegations

The federal prosecutors, along with the FBI's New York office, are examining the multifamily real estate investment trust’s lending practice and loan book, Bloomberg reports.“We routinely cooperate with regulatory inquiries and are very confident that we conduct ourselves properly,” Arbor told Bisnow in a statement. “We look forward to our second-quarter…

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Adams' 'City Of Yes' Plan To Beef Up Housing Production Gets First Public Airing

Adams' 'City Of Yes' Plan To Beef Up Housing Production Gets First Public Airing  

New York City could be poised for major housing changes as another part of Mayor Eric Adams’ City of Yes plan advances through the hearing process. But if the first public hearing is any indication, getting a major citywide zoning change approved is going to mean walking a hard-fought road.

Adams administration officials presented the proposal to update city zoning rules before the City Planning Commission Wednesday during a marathon hearing that lasted well over 12 hours. The plan would allow for increased housing production across all of its 59 districts. Components include making office-to-residential conversions easier, legalizing accessory dwelling…

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Stephen Ross Steps Down From Related To Launch New Florida Firm

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Stephen Ross is stepping down as chairman of Related Cos., the influential development firm he founded, and spinning off the firm’s Southeast division into a new company under his control.

Related Southeast, the arm of the development firm active in West Palm Beach, will become a separate entity called Related Ross, the firm announced in a memo to staff, which was obtained by Bisnow.  Ross, 84, will be replaced by Jeff Blau, Related Cos.' CEO since…

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