(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
GLENDALE, CA-AMF Development LLC has topped out on a 208-unit multifamily complex that is the first of its Young Urban Community series of properties. The $34-million Elevé Lofts & Skydeck, slated to open in early Spring 2013, is designed specifically to appeal to the social and economic dynamics of the Gen Y crowd—between 20 and 24 years old, many of whom have been forced to either move home or have multiple roommates given the soft job market and weak economy.
The 170,000-square-foot, mixed-use complex, located at the corner of Maryland Ave. and Broadway in Glendale’s arts-and-entertainment district, features what Alan Dibartolomeo, AMFD’s chief development officer calls “micro one-bedroom” units—400 square-foot apartments that include a full kitchen, bathroom, living room, bedroom and closet. Each unit’s asking rent will be roughly $1,600 per month.
“There are a few projects across the country that have opened with the intention of serving this age group,” Dibartolomeo tells GlobeSt.com. “They are located in urban areas where there are social-media and high-tech and other jobs that attract a large percentage of Gen Y workers. They come out to these buildings and will talk to developers about what they truly want rather than what the developers gauge they want.”
Key to attracting and serving this market is preparing property management to “talk along the same technology that this generation talks of,” Dibartolomeo adds. “We also found that they would prefer to live in their own unit than roommate.”
Technology such as searching for housing, taking site tours, signing leases and paying leases via apps, iPads and other electronic means is important to this demographic, so bringing management up to speed on this technology is of utmost importance. Also emerging are increasing amenities geared toward socialization, such as gaming and media areas, workshop areas and semi-private cabanas with power outlets and Wi-Fi.
For example, the rooftop area of Elevé Lofts & Skydeck is the “crown jewel” of the property—hence the name. The Sky Deck is a 26,000-square-foot roof level that has been transformed into a socially oriented open-air entertainment space that captures the Southern California lifestyle. It has been designed with specific zones, including a demonstration kitchen, barbecues, a poet’s corner with piano, a party area with fire pits, a separate sunning deck with hot and cold spas and a full-service, fenced dog park complete with a bathing station.
Dibartolomeo says there is pent-up demand for this type of housing; therefore, AMFD is planning to roll out similar developments in other urban communities within a couple hours of travel from the firm’s home base in L.A., including San Francisco, Seattle and other large metro areas on the West Coast. The company is looking to open up several projects a year over the next couple of years.
As GlobeSt.com previously reported, North American Properties has broken ground on a luxury multifamily project in Atlanta’s Historic Fourth Ward targeting Gen Y. Dubbed BOHO, the 276-unit multifamily project will front Historic Fourth Ward Park.