What Is The Most Popular Trend Fueling Multifamily Developments?
Multifamily is booming in California. With all the talk of trends in the industry, what is the top trend right now in multifamily and mixed-use? Bisnow recently caught up with a handful of heavy hitters to weigh in on that question. They all will be speakers at Bisnow's Annual Multifamily and Mixed-Use Conference on July 20 at the Omni Hotel in downtown LA.
Colliers International EVP Kitty Wallace (pictured here with her family) says where multifamily is concerned, people want to have a convenient space in which to live.
As a result, many residents are opting to live in smaller spaces (including less than 400 SF) as long as the space is well-organized and has an ideal layout. Amenities, including desirable common areas and popular retail in the immediate vicinity, are very important, according to Kitty.
Decron Properties CEO David Nagel says amenities are key. Tenants in buildings owned by Decron look for amenities, including experiences related to hospitality as well as full-service gyms with daily exercise classes offered on some properties, according to David.
Living in mixed-use buildings allows residents optimal access to restaurants and convenience shops on the ground level, he says.
California Landmark president Ken Kahan (pictured here on the south coast of Sicily) echoed the theme of convenience. The key is to find the right blend of amenities for residents to get the maximum daily benefit, according to Ken. California Landmark likes rooftop amenities, including outdoor barbecue areas and swimming pools, in addition to gyms and screening rooms.
He cites California Landmark’s the LC on Larchmont at Melrose. The company also is experimenting with combining residential and creative office in mixed-use spaces.
For mixed-use buildings, Ken points to food as the most important type of retail. California Landmark will take less rent from restaurants to find a good match for residents on its properties.
Hear more from Kitty, David and Ken and our all-star group of dealmakers at this summer’s Bisnow Annual Multifamily and Mixed-Use Conference. Join us for the event July 20 at the Omni Hotel in downtown LA. Sign up here!