Five or so years ago, a traditional business center with a handful of computer workstations could really turn heads. Today, though, such business centers are passé, says Richard Giannotti, executive vice president, asset quality, of United Dominion Realty Trust. “Initially it was pretty cool to have countertops with several workstations,” he says. “But with laptops and home computers becoming more and more affordable, [workstations are] not the most important feature anymore.”
Instead, residents want a place to meet with business clients. So at several of its properties, UDRT is expanding its business centers to include more meeting room space, while keeping just a few computers with high-speed Internet connections.
Another popular move is to transform tired business centers into trendier Internet cafés. These spaces, modeled after a coffee shop environment, offer a handful of computers in a hip, relaxing environment complete with inviting couches, coffee tables topped with newspapers and magazines, light refreshments, and WiFi connections for residents toting their own laptops.
At some luxury projects–both condo and rental–developers are choosing to eliminate business centers all together and use the space for other purposes. Residents typically own computers with high-speed Internet connections and would rather see more clubhouse space dedicated to party facilities, says Skip Stoltz, president of The Stoltz Cos., a Boca Raton, Fla.-based condo converter. Conversely, computer centers continue to be a staple amenity (and sometimes the only amenity) at affordable projects, where residents depend on computer workstations for job hunting and other critical activities.
Fitness Centers
A bright, well-equipped fitness center is an easy way to draw new residents and keep current ones. Upgrades are fairly similar across the board: Property owners tend to increase the size of these centers and replace outdated equipment with quality, long-lasting machines. “We may spend $8,000 more in equipment by going top-of-the-line, but if the package just nominally increases your tenant retention, the equipment pays for itself in no time at all,” says Patrick McDowell, president of McDowell Properties. A popular equipment package includes a mix of elliptical machines, treadmills, and bikes–with personal TV screens whenever possible. Individual weight equipment for different body parts is often preferred over universal stations. More properties today also offer free weights, which owners once shied away from because of liability issues, developers say.
For fitness centers short on space, stick to the well-used cardio machines and skip the weight training equipment, advises Keith Knight, vice president of capital improvements at Home Properties, a Rochester, N.Y.-based REIT. Fresh flooring (try rubber matting), brighter lighting, floor-to-ceiling mirrors, and stretch bars add the finishing touches to any size center.
Laundry Rooms Think you can’t have fun with a laundry room update? Then you haven’t seen Aperture in Denver. The apartment’s building’s photography-inspired theme extends to the laundry area with a bench designed to look like a film strip, original framed photography, photographic tile flooring, a custom-designed trash can fabricated out of diamond tread plate, and, of course, brand-new laundry equipment. This creative renovation cost less than $7,000.
“The buildings we purchase and renovate typically have very few areas that offer a place that our residents can congregate,” says Zvi Rudawsky, vice president of Boutique Apartments, the small Denver-based real estate firm that created Aperture. “If at all possible, we try to carve out a space for the laundry room that is large enough to accommodate several of our residents and is inviting enough that they tend to stay while their laundry is being done.”
Fortunately, Aperture offered a fairly large laundry room area to decorate. Many buildings offer small, cramped spaces with little room left for improve-ments (besides adding new machines).
But there are few tricks to make a laundry room look larger, even if you can’t physically change the footprint, says Flitsch of Essex Property Trust. The company often adds windows, skylights, and updates venting systems. A clean, bright laundry room can be a great resident perk, and even has its advantages over the popular in-unit machines, Flitsch says. “We point out that in-unit stackable machines, although convenient, are generally smaller [than common area machines],” he says. “Would you rather do your laundry over six hours or do six loads all in one hour?”
Talk about a selling point.
Amazing Amenities
Different properties require different approaches to amenities. Here’s how to choose appropriate upgrades for your project.
Affordable property: Offer a computer center with printers so residents can look for jobs, do their homework, and more. Add plenty of glass windows and position the center so it overlooks the management office–and the staff can keep an eye on the room.
Market-rate property: If you don’t have the money to add all the trendy gizmos, be sure to have one cool focal point such as a fireplace, big-screen TV, or billiards table.
Luxury property: Amenity areas should offer the same high-level finishes as the residential units. For example, outfit the clubhouse kitchen with granite countertops and stainless steel appliances.