High-rise vs. Garden Style
A broker recently sent me an OM for a 100+ unit 7 or 8 story high-rise apartment building. I’ve not stopped to consider the major differences in this style of property vs. a garden style community of multiple buildings and maybe 3 stories at max. Does anybody have experience in high-rise buildings that might be able to advise on what the major underwriting concerns would be vs. garden style?
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@Charles Soper I have no experience with high-rise buildings, but just a few things popped into my mind if I were considering purchasing one:
1) Code. Specifically fire code; fire escapes, fire suppression systems, stairwells, doors, etc.
2) Insurance costs.
3) Elevators.
4) Parking.
5) Security.
These are over and above what I would already be looking at with a single story garden style complex.