SAN DIEGO—Millennials have definitely been drawn to urban living, but certain drivers—among them younger families, schools and larger common-area spaces—will drive some of the “older” Millennials back to the suburbs, Pathfinder Partners' senior managing director Lorne Polger tells GlobeSt.com.
Recent data shows this to be a trend, so multifamily owners and developers are moving in that direction too.
Polger notes that as Millennials age and have families, the suburbs offer a more cost-effective option. With this in mind, his firm has snapped up a number of suburban multifamily properties recently—including the Habitat in Portland, OR; Aria in Phoenix; and Cedardale in Federal Way, WA—and is eyeing similar acquisitions in the future.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
