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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

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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Project Mixing Data Centers And Affordable Housing Faces Rejection In Virginia

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This Week's D.C. Deal Sheet: First Buildings Open At 2.2M SF North Bethesda Development

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Ravel and Royale — twin “biophilic-designed and musically-inspired” apartment communities totaling 220 units — opened this month. Fivesquares Development partnered with Apartment Investment and Management Co. on the projects. Fivesquares and WMATA are the joint developers on Strathmore Square, a  2.2M SF primarily residential development at the Grosvenor-Strathmore Metro station. “At Ravel and…

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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…

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