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Features For Fluffy Friends Bring Extra Revenue For Multifamily Developments

TruAmerica Chief Operating Officer Lynn Owen, flanked by Security Properties' Davis Vaughn and Grosvenor's Mark Purdy, shares thoughts on how to redevelop and renovate a multifamily property to suit the modern tenant's tastes.

Each generation of tenants has different expectations when it comes to multifamily living. The current rule of the thumb is pets reign supreme, TruAmerica Chief Operating Officer Lynn Owen said.

Owen was part of the Bisnow Multifamily Annual Conference Pacific Northwest’s Redevelopment and Repositioning panel last week.

TruAmerica’s redevelopment projects include pet-related amenities such as pet clubs with indoor fitness centers and pet pamper parlors. Tenants must pay a monthly tuition fee.

“People will pay a lot of money for pet services,” Owen said.

It is all about trends. Yesterday's racquetball courts are being reconfigured into cross-training spaces.

Other in vogue amenities include electric car charging stations, Uber pickup areas, package storage lockers and country store vending concepts that stock household items, Owen said. Game centers now include popular pastimes like mini golf and foosball.

Don’t forget about tenants’ need to stay connected, Grosvenor Senior Vice President Mark Purdy said. Bad WiFi is a deal-breaker.

“If they walk in and they don’t see full bars on their WiFi, they are walking out,” he said.

The problem is that trends and technology change quickly. When installing tech infrastructure, it should be adaptable.

“It’s about the platform and integrations and less about the devices,” IOTAS Vice President Matt Greene said. “You need a platform that will evolve with the technology.”

In addition, redevelopment that is built for the long term should be taking Gen Z into consideration, GGLO Interior Design principal Kimberly Frank said.

For that group, born between 1995 and 2012, WiFi is important, but there is also an emphasis on health and wellness and an experience-driven lifestyle. 

"Tenants are shooting for those Instagrammable moments they can share," Greene said. 

View a slideshow of pictures from the event below:

BMAC Pacific Northwest 2018