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.”