ATLANTA—Understanding your audience is vital in any commercial real estate development. But with multifamily retrofits, it can be even more critical to understand the end user who will embrace the new paradigm.
GlobeSt.com caught up with Chris Edwards, managing director of Audubon Communities, to get his insights on how his firm navigated this challenge in a recent hotel conversion to multifamily. You can still read part one of this interview: Strategy: When an Extended-Stay Hotel Converts to Multifamily.
GlobeSt.com: What are the specific needs of the target market and how those needs were addressed in terms of transforming the units.
Edwards: When we closed on The Metro, we were planning a major renovation to position the property as a higher-end class B apartment community. Shortly after we closed, the Atlanta Braves announced their relocation to the Cumberland area and their plans for the new ballpark development.
As a result, we revised our capital plans and went “all in” with the goal of renovating The Metro into a true class A community. On the unit interiors, this meant upgrading all the finish levels to be in line with new developments. All units received granite countertops, stainless steel appliances, vinyl plank flooring and condo-grade frameless glass showers. We also upgraded the amenity packages and remodeled the pool deck.
GlobeSt.com: What does the amenity package include and how important is that in a project like this?
Edwards: The center piece of the amenity package is our 11,000-square-foot clubhouse, which also houses the leasing office and reception area. The main level of the building contains a state-of-the-art fitness center that includes treadmills, ellipticals, free weights and an interactive fitness room for yoga and stretching.
Residents also have access to a Wi-Fi lounge with complimentary Starbucks coffee. On the lower level, the cabana room opens out to our new pool deck. In 2018, we plan to add two additional amenities—an outdoor kitchen as well as parcel storage lockers.
(Lenders look favorably at this housing product type. Find out more.)
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