As we noted in our last post, the demand for multifamily residential housing is expected to continue through the next few years. However, open spaces in Los Angeles to construct such buildings is becoming increasingly difficult to come by.
According to a recent globest.com report, there are only a few open spaces left, so many new projects are conceived to fit specific guidelines that have been instrumental for growth in urban metro areas. For instance, in Charlotte, North Carolina; Houston, Texas; Denver, Colorado and San Jose, California, new multifamily projects have been built on or near areas that exhibit these characteristics.
This post will highlight them.
Proximity to attractions – New developments in each of the cities mentioned were built in close proximity to attractive retail and entertainment venues. These included new outdoor shopping centers (as opposed to malls), movie theaters and restaurants.
Easy access to major roadways – While the developments were not located on major thoroughfares, residents had easy access to freeways and expressways that would enable them to reach major employment centers in a reasonable amount of time.
Driving distance to universities – In the same vein, successful new developments have been built in areas that provide easy access to university learning centers. Indeed, this has not caused a spike in new university housing, but it reflects a response to meet the need of millenials who are working towards degrees while working full time.
As we have noted in a number of our posts, the keys to being successful in real estate are anticipating trends and meeting demand. A skilled real estate attorney can help investors develop projects that do just that.