Unlike some developers in the market, Ernesto Lopes, president & CEO of AHS Residential, doesn't want to build high-end, luxury apartments. Instead, he aims to help solve the housing crisis by building attractive communities at a moderate price point for working-class families and individuals.
Even before the pandemic, that wasn't easy. But, now, with soaring construction and labor costs, it is a daunting task. Still, Lopes says it is possible. In fact, he thinks it is possible to build attainable housing on a large scale. He plans to start 1,000 units by the end of this year. By 2024, he wants to hit 5,000 annually.
Lopes' plan starts with controlling construction costs. "Construction is key," he says. "It's where most of the money is going. If you can control and be very efficient on the construction, then that is a big part of the problem you're solving."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
