Uncommon Areas
Seven months after the building opened in February 2003, the Summit Roosevelt was fully leased at market rents in what the owners call "a competitive rental market." Much of the credit goes to the building's excellent location near Washington's Dupont Circle neighborhood and Meridian Hill Park, but the owners also credit the quality of its public spaces. In fact, Summit is just one of a growing number of companies who believe that a property's community, rather than unit, amenities are taking on a bigger role in attracting and keeping tenants. Read more
Local Color
For years, apartment buildings offered about as much aesthetic beauty as, well, a slab of concrete. Complexes were bare, boxy, boring structures designed for functionality first and style second. Today things are changing. Cities are citing the need for multifamily buildings that complement their surroundings, while renters are looking for apartments that are as regionally distinctive and stylish as the condominiums, townhomes, and single-family homes that many can now afford. Read more
Bells and Whistles
Swimming pools. Fitness centers. Off-the-shelf preframed artwork. It's your standard list of clubhouse offerings found in most multifamily communities. But what if you took your clubhouse to the next level? Imagine the reaction of prospective residents when they see your 24-hour, state-of-the-art fitness center with personal trainers and Olympic-size swimming pool, the commissioned sculptures and artwork, stylish furniture that matches, or the multimedia theater, complete with surround-sound. As the location for most leasing offices, the clubhouse needs to make the prospect say, "Wow, I want to live here." And with proper planning and know-how, multifamily developers can successfully appeal to the renters-by-choice market. Read more
Home Run
Upon first glance, it seems hard to believe that Richard Wilpon, Michael Katz, and Tom Osterman run the diversified investment company that also owns the New York Mets. Sure, the three dress the part of successful businessmen, wearing dark, expensive-looking suits for a photo shoot held three hours before game time at Shea Stadium on a sunny July day. But it's not long before the three kids from New York come out in these 50-plus-year-old men. Read more