Mid-30s Millennials Are Still Renters

LOS ANGELES—Carmel Partners' newest Downtown Los Angeles apartment project is targeting an older demographic of millennials, who are expected to continue to rent. Atelier is a 33-story high-rise with 363 units, and is adjacent to the developer's already highly successful 8^th and Grand project. The new multifamily project appeals to an older demographic of millennials with all of 8^th and Grand's offerings, like high-quality fixtures and an impressive amenities package, while offering more space and privacy for residents.

“Atlelier is targeting the move-up renter,” Dan Garibaldi, managing partner of development and construction at Carmel Partners, tells GlobeSt.com. “That is the renter by choice who wants to live downtown and in a high rise. The finish qualities are more attractive to a more affluent renter. Eight and Grand is targeting a younger demographic, and one that wants to live in a larger community and a smaller footprint. The property is a little more community focused, while Atelier is a high-rise footprint with only a few units per floor. It is a little bit more intimate.”

Carmel Partners believes that the South Park block where both 8^th and Grand and Atelier are located is the best area in the Downtown Los Angeles market. Eighth and Grand brought the first Whole Foods—and one of the first grocery stores—to the market, and Garibaldi says that the neighborhood has only continued to improve. “Locationally, we think that this is the center of Downtown Los Angeles, because you are between all of the jobs and in between all of the neighborhoods and entertainment options. We really think it is the best area in Downtown Los Angeles. We would do a third property there if we could. We think it is that good of a location,” says Garibaldi. “In general, we think that the downtown market is becoming even more attractive as it matures because more residents means more services and businesses, which all make the market more highly desirable. We think that the market will continue to grow, and we remain bullish.”

The property officially opens this month with the first group of units opening to new residents, and Carmel Partners has already begun to pre-lease the property. “The expectation is that demand is going to rival that of 8^th and Grand,” says Garibaldi. “We are keeping in mind that 8^th and Grand is twice as large as Atelier, which means that we rented a lot more apartments at 8^th and Grand than we would at Atelier. However, we think the demand is going to be great.”

The property has a mix of studio, one-, two- and three-bedroom apartments and penthouses. In addition to a lobby and 24-hour concierge, the property has an incredible amenity package that includes an Olympic-size lap pool and spa, poolside cabanas with fans and HD televisions, a BBQ and Game Terrace, a dog run and pet spa and a fitness center and yoga terrace. Solomon Cordwell Buenz designed the property.

LOS ANGELES—Carmel Partners' newest Downtown Los Angeles apartment project is targeting an older demographic of millennials, who are expected to continue to rent. Atelier is a 33-story high-rise with 363 units, and is adjacent to the developer's already highly successful 8^th and Grand project. The new multifamily project appeals to an older demographic of millennials with all of 8^th and Grand's offerings, like high-quality fixtures and an impressive amenities package, while offering more space and privacy for residents.

“Atlelier is targeting the move-up renter,” Dan Garibaldi, managing partner of development and construction at Carmel Partners, tells GlobeSt.com. “That is the renter by choice who wants to live downtown and in a high rise. The finish qualities are more attractive to a more affluent renter. Eight and Grand is targeting a younger demographic, and one that wants to live in a larger community and a smaller footprint. The property is a little more community focused, while Atelier is a high-rise footprint with only a few units per floor. It is a little bit more intimate.”

Carmel Partners believes that the South Park block where both 8^th and Grand and Atelier are located is the best area in the Downtown Los Angeles market. Eighth and Grand brought the first Whole Foods—and one of the first grocery stores—to the market, and Garibaldi says that the neighborhood has only continued to improve. “Locationally, we think that this is the center of Downtown Los Angeles, because you are between all of the jobs and in between all of the neighborhoods and entertainment options. We really think it is the best area in Downtown Los Angeles. We would do a third property there if we could. We think it is that good of a location,” says Garibaldi. “In general, we think that the downtown market is becoming even more attractive as it matures because more residents means more services and businesses, which all make the market more highly desirable. We think that the market will continue to grow, and we remain bullish.”

The property officially opens this month with the first group of units opening to new residents, and Carmel Partners has already begun to pre-lease the property. “The expectation is that demand is going to rival that of 8^th and Grand,” says Garibaldi. “We are keeping in mind that 8^th and Grand is twice as large as Atelier, which means that we rented a lot more apartments at 8^th and Grand than we would at Atelier. However, we think the demand is going to be great.”

The property has a mix of studio, one-, two- and three-bedroom apartments and penthouses. In addition to a lobby and 24-hour concierge, the property has an incredible amenity package that includes an Olympic-size lap pool and spa, poolside cabanas with fans and HD televisions, a BBQ and Game Terrace, a dog run and pet spa and a fitness center and yoga terrace. Solomon Cordwell Buenz designed the property.