Key to attracting and serving this market is preparing property management to “talk along the same technology that this generation talks of,” Dibartolomeo adds. “We also found that they would prefer to live in their own unit than roommate.”

Technology such as searching for housing, taking site tours, signing leases and paying leases via apps, iPads and other electronic means is important to this demographic, so bringing management up to speed on this technology is of utmost importance. Also emerging are increasing amenities geared toward socialization, such as gaming and media areas, workshop areas and semi-private cabanas with power outlets and Wi-Fi.

For example, the rooftop area of Elevé Lofts & Skydeck is the “crown jewel” of the property—hence the name. The Sky Deck is a 26,000-square-foot roof level that has been transformed into a socially oriented open-air entertainment space that captures the Southern California lifestyle. It has been designed with specific zones, including a demonstration kitchen, barbecues, a poet's corner with piano, a party area with fire pits, a separate sunning deck with hot and cold spas and a full-service, fenced dog park complete with a bathing station.

Dibartolomeo says there is pent-up demand for this type of housing; therefore, AMFD is planning to roll out similar developments in other urban communities within a couple hours of travel from the firm's home base in L.A., including San Francisco, Seattle and other large metro areas on the West Coast. The company is looking to open up several projects a year over the next couple of years.

As GlobeSt.com previously reported, North American Properties has broken ground on a luxury multifamily project in Atlanta's Historic Fourth Ward targeting Gen Y. Dubbed BOHO, the 276-unit multifamily project will front Historic Fourth Ward Park.