Multifamily design expectations are higher with rent increases
It used to be a simple matter of ticking off every need when designing multifamily buildings: resort-style pool, fitness center, barbecues, dog park, stainless steel appliances, granite countertops.
However, locals aren’t ready to accept cookie-cutter, fast-casual design after spending a lot more money and more time considering their houses during the epidemic.
They are demanding workspaces in their apartments and buildings, and they want their surroundings to support their mental, physical, and spiritual well-being.
According to Joan Sizemore, an associate partner at Minneapolis-based design and architectural company BKV Group, “the biggest tendency we’ve observed is that our people have much higher expectations because they see so much more on social media. And it’s never going away.” The company collaborates with multifamily businesses including Mill Creek Residential, Lincoln Property Co., and Dominium, and has offices in the United States in Chicago, Dallas, and Washington, D.C.
They want to enter a luxurious apartment setting and be surrounded by beautiful décor, something they could never buy on their own, according to her.
It will be interesting to see the change that happens over the next decade and the demands from the socially driven multifamily living situations.
Our latest offering
Our current offering consists of 200 units in Dallas, Tx. This garden-style community in one of north Dallas’s most affluent submarkets, Allen, TX. Located in one of DFW’s top 5 school districts, this particular asset is within walking distance to two major high school campuses. Currently, 98.0% occupied, it presents operational upside as a strong value-add play.
Key Deal Points
–Investor-Friendly Return Structure
-98-occupied renovation opportunity
-Very Strong and Stable Location
-Region is projected to sustain double-digit rent growth
Investor Friendly Structure
Investors will receive a 7% preferred, annualized return plus 100% return of capital before any profit split. After this hurdle is achieved, investors benefit from a 70/30 profit split, 70% to the investors. Once a 15% IRR is achieved, the profit splits becomes 50/50.
Who is our partner, Symphony Capital Group?
Symphony Capital Group (SCG) is a full service, real estate firm located in San Diego, CA. Our primary focus is on acquiring value-add, multifamily real estate across the United States. We provide passive investment shares to accredited investors. Owning private real estate shares in our deals allows investors to own real estate without the hassle but with all of the benefits including tax write-offs, cashflow, appreciation, and 1031 benefits. If you are an accredited investor seeking to add real estate to your portfolio, consider joining our investor club today. Symphony Capital is led by a team of experienced investors and industry experts with more than a decade of value-add real estate experience. Managing Principals include Ellis Hammond, Keith Meyer, Jeremy Cisneros, & Bradley Kirschbaum.
Garden-style apartments from the 70’s and 80s do not exactly fall within this demographic or demand style. Garden-style apartments and affordable housing will not have some of these same aesthetics or luxuries but will provide an affordable and high-quality living for those who demand it.
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