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Multifamily Developers Compete For The Best Amenities In The OC

Luxury amenities are the name of the game in multifamily in the OC.

Ascent Multifamily Accounting partner Mike Ballard, Raintree Partners vice president of Development Rick Price, Starpointe Ventures President Tim Strader Jr., UDR senior director Omar Rihani and Garden Communities development director Ari Astalos.
Ascent Multifamily Accounting partner Mike Ballard, Raintree Partners vice president of development Rick Price, Starpointe Ventures president Tim Strader Jr., UDR senior director Omar Rihani and Garden Communities development director Ari Astalos

Many developers are battling it out to offer the best to their residents.

"Today, it's an arms race to compete with The Ritz-Carlton on the amenities," Starpointe Ventures president Tim Strader Jr. said.

Ascent Multifamily Accounting partner Mike Ballard, Garden Communities development director Ari Astalos, Raintree Partners
vice president of development Rick Price, UDR senior director Omar Rihani and Starpointe Ventures President Tim Strader Jr.
Ascent Multifamily Accounting partner Mike Ballard, Garden Communities development director Ari Astalos, Raintree Partners vice president of development Rick Price, UDR senior director Omar Rihani and Starpointe Ventures President Tim Strader Jr. at the OC Multifamily event

Garden Communities development director Ari Astalos said the company offers bowling alleys in its communities.

"They're great," Astalos said. "People love them. The downside is you have to go into the bowling alley business to operate them."

Garden Communities has started putting cryotherapy chambers in its gyms, which also include outdoor fitness stations.

Residents can also enjoy cabanas and TVs at the swimming pools.

"We're trying to create this place where the residents don't want to leave, and it just enhances their quality of life," he said.

Raintree Partners vice president of Development Rick Price and UDR senior director Omar Rihani.
Raintree Partners vice president of development Rick Price and UDR senior director Omar Rihani

Raintree Partners focuses on more boutique-size projects and has provided co-working space at its Dana Point property, vice president of development Rick Price said.

"There's a general enthusiasm and a strong demand we're seeing for community and walkability," he said.

The company is more focused on locations surrounded by amenities, including restaurants and coffee shops in the neighborhood.

Package delivery is another hot issue for developers, according to Starpointe Ventures' Strader.

Most projects are not designed for the volume of package delivery with increased deliveries now coming into play, he said.

Some developers are planning to add, or have already added, cold storage on their properties to handle perishable deliveries.