Consumers are moving away from that shopping experience to one more focused on anchor boutique centers. Much like the multifamily communities Audubon works on, many of these retail centers are in high-demand areas and are well-positioned to convert their infrastructure to appeal to modern consumers.

GlobeSt.com: What are the biggest apartment complex trends you try to incorporate once you start an adaptive reuse project?

Boling: The most desirable asset for both residents and investors these days are amenities. We've focused on converting or renovating clubhouses and leasing centers to include state-of-the-art fitness centers, parcel centers and incorporating outdoor facilities like dog parks and play areas.

For example, with the Corners at Holcomb Bridge in Norcross, Georgia, Audubon has included a newly renovated amenity building that serves as a community center and centralized hub for residents of the 37-acre property. Things like complimentary coffee, Wi-Fi connectivity and pool tables are expected now with Class A properties, and it's important that we work closely with our designers to develop amenity packages that set our properties apart from the competition.

GlobeSt.com: How does Audubon select the best opportunities for adaptive reuse? Do you look for different criteria depending on the potential class of a development?

Boling: It's almost become cliché, but location, location, location. We look to growing submarkets of strong major markets.

We want to capture residents that have been pushed out of urban markets due to high rental rates. We also look at comparable occupancy rates in markets where we believe there's an opportunity to fill properties and provide improved efficiency.