Wood, Related Aiming For Larger Floor Plans For Empty Nesters, Divorcées
For two multifamily developers, larger apartment units are part of a plan to lure an older demographic in Buckhead than the Millennials renting apartments in Midtown. After all, divorcées with kids don't want a floor plan designed for a roommate.
Wood Partners and Related Development are both expected to increase the average unit size of their planned Buckhead projects to attract an older resident as opposed to the coveted Millennial renter, who is typically flocking to Midtown and West Atlanta.
“Looking at all the supply in the market, we wanted to differentiate ourselves,” said Wood's Bennett Sands, who is one of the panelists at Bisnow's Buckhead Update event on Feb. 22.
Wood is soon set to start construction on The Whitley, a 22-story, 267-unit apartment tower across from Atlanta's haute couture mall, Phipps Plaza. Unlike Alta Midtown, Wood's apartment tower on West Peachtree Street geared toward Millennials with an average floor size of 900 SF, Whitley's average size will span 1,200 SF.
That will include units with a bigger master bedroom and a smaller secondary bedroom. As Sands said, some renters could be divorced parents with kids who stay on weekends.
“Buckhead is predominantly an older demographic,” he said.
On average, multifamily units sizes in Buckhead are larger than the rest of the intown apartment market. According to data from Haddow & Co., Buckhead apartments have the largest average size at 973 SF/unit, compared to the Atlanta average of 941 SF/unit. And Midtown — Millennial Ground Zero – average units are among the smallest in Atlanta at 918 SF/unit.
For Related's Apogee Buckhead project at 3372 Peachtree Road, unit sizes outspan those at its sister Apogee project in Midtown: 1,100 SF/unit versus 980 SF/unit, on average, said Related's Ed Allen. While Apogee Buckhead will have all the same amenities as the one in Midtown, Allen said — a fitness room, a terrace pool, a club room, a spa — the look will be more refined.
The project, at the corner of Peachtree and Stratford roads, will tower at 35 stories with 362 units, and will include ground-floor retail and some office space on the second and third floors.
“We're finalizing our financing, and we're planning to break ground in the next 45 to 60 days,” Allen said.
Hear more from Allen and Sands at our Buckhead Update event, along with Buckhead CID's Jim Durrett, Tishman Speyer's Chris Ahrenkiel, The Loudermilk Cos.' Robin Loudermilk and Alliance Residential Co.'s Todd Oglesby at 7:30 a.m., Wednesday, Feb. 22, at the St. Regis Hotel Buckhead.