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Quarterra today announced the opening of Spectra, a luxury mixed-use community in the Marymoor submarket of Redmond, WA. Spectra, developed in partnership with QuadReal Property Group, is the first apartment community to deliver in the core of the emerging Marymoor Village.
Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., today announced the acquisition by its Mill Creek Multifamily Value-Add Fund of Alister Lake Lynn, a garden-style apartment community in Northwest Raleigh.
The generation of additional funds is invaluable, as the proceeds can be used to make capital improvements, invest in technology and bolster onsite training processes. But any fees charged beyond rent must genuinely add value for residents and not give them the perception they are being price gouged.
Prospective renter preferences and expectations vary significantly, as do renter profiles, between the multifamily and single-family space. Operators must market and manage accordingly for optimal property performance, so it is essential to define and distinguish the demographics for each group.
During the 2022 Apartmentalize session, “Boosting Property Value Through Water and Energy Efficiency,” industry experts discussed the ways that they are confronting higher costs and even boosting revenue by making small changes onsite that make a big difference to the bottom line.
Most operators agree it means moving tasks and processes from onsite to other people, regardless of location, that are specialized in specific processes or customer touchpoints. This allows operators to free up resources to focus on tasks that require an onsite presence and provide better customer service.
The top storylines in multifamily this week are successful onboarding of new employees, business intelligence adoption, plotting a career path in multifamily, boosting property value via water and energy efficiency, increasing labor costs and attracting aging millennials.
The Atlanta rental market is expected to remain strong due to a healthy economy, a lower cost of living, good demographic trends, and positive rent growth, according to a midyear multifamily report for the metro from Berkadia.