The Latest in Luxury Multifamily
Modesty is so 2008. Luxury is the new face of multifamily (Robin Leach must have seen this coming), and here's the latest:
NYC: How to seduce a high-end buyer
For the uber-luxury condo set in Manhattan, interior architect Ed Siegal of Cooper Robertson (left, snapped with Town Residential's Lyon Porter at Bisnow's NYC Residence of the Future event) sees big terraces with landscaping, irrigation, and hot tubs; smart tech to control systems like lighting; and four-bedroom units being converted into two- or three-bedrooms to make room for storage or dressing rooms. Gen Z wants multi-faceted furniture, says Lazzoni CEO Efe Kababulut, like a couch that changes into a recliner and then into a sofabed, or a coffee table that rises to dining height.
CHARLOTTE: What draws investors to luxe deals
Steady job growth, including corporate relos, piques investor interest in high-end apartments. Just look at Charlotte, ARA principal Blake Okland tells us. Specifically, it's the quality of the new jobs driving average incomes upward. As incomes grow, demand for better dwellings increases, especially new product. Infill luxury projects completing construction this year report strong leasing velocity and high rent levels, Blake says. Sealed Air Corp's decision last week to move its HQ to Charlotte is a good example of the jobs trend, bringing about 1,300 mostly white collar jobs to the area.
LA: High-end rentals break records
This year's largest multifamily/mixed-use deal in California is the recent $283M sale of the Vermont in Koreatown. The project used its five-star hotel charm to attract a partnership between Capri Capital Partners and TruAmerica Multifamily. (The seller was a JV of JH Snyder and Washington Capital Management.) Capri vice chairman Ken Lombard (above) tells us the firm became interested during construction, and the new 464-unit, luxury apartment complex is a quality, Class-A asset that meets Capri's return criteria. Completed in May, the Vermont has been leasing seven to 10 units per week, JH Snyder boss Jerry Synder says.