Hot Product of the Month
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Q: How are you outfitting clubhouses to meet the needs of today’s renters?
A: The majority of BRE’s new development properties today are urban infills in which the traditional, garden-style apartment clubhouse is rapidly becoming a thing of the past. From a marketing standpoint, today’s urban renters are attracted more to a property’s curb appeal, parking garage, and street-level retail. In place of a large central clubhouse, residents prefer smaller clusters of space, mostly outdoor, with WiFi Internet access and cafè-style chairs and tables, surrounded by lush landscaping. And they prefer to interact with the staff on the Web and through e-mail, which are accessible to them 24/7. Urban infill projects are often part of downtown revitalization plans, so proximity to nightlife, restaurants, cultural events, and transportation make the address more desirable than a clubhouse.
–Bradley P. Griggs is executive vice president and chief investment officer for BRE Properties, a San Francisco-based REIT. To participate in future Q & As, contact Rachel Z. Azoff at razoff@hanleywood.com.