8/8/2016

Building for Boomers . . . a New Trend?

HOUSTON-With all the hype Millennials are getting, it’s refreshing to see a focus on the needs of a now largely overlooked generation . . . the Baby Boomer.

As locally based Transwestern Development Co. reports in the latest issue of its Insights Online Magazine, “Astute developers are targeting that rental demographic,” and producing communities “that are as different from traditional multifamily assets as Baby Boomers are from other generations.”

Writer Mark Culwell, managing director of the development operation, cites The Laurel, a 159-unit asset the firm is developing with JPMorgan. The Laurel is located in a high-barrier-to-entry section of Dallas, “an important differentiator in the current economic cycle.”

The units of the Laurel, says Culwell, are tailored for the lifestyles of the Boomer, with larger footprints and carefully chosen amenities and services. “Baby Boomers are not likely to downsize into smaller, existing multifamily units,” the article states.

The solution is to provide units averaging 1400 square feet, considerably roomier than the Dallas average of 825 to 1000 feet. Two- and three-bedroom options are also numerous, as are amenities that cater to a home-entertainment lifestyle.

“Regardless of the stage of multifamily cycle, developers that create distinctive properties in high-demand areas as positioned for successful outcomes,” Culwell concludes.

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