Posted 6 months ago

​Importance of Creating a Community in your Multifamily Investment/s

Importance of Creating a Community in your Multifamily Investment/s

As an active multifamily investor/syndicator I always look to connect with people who have ample experience and seek their knowledge. I believe you should always stay abreast of trends, learn, and grow. In September of 2018 I had the pleasure of meeting a gentleman who has 30 years, and 30,000 doors, of experience in the commercial and multifamily space. Further, he’s an honors graduate of Yale and a graduate of Harvard’s Business and Law school.

We share choice of asset class, B & C workforce housing.

A Bit on Why Multifamily

Homeownership is at a low and renting is popular. He explained it’s clearly not only millennials that are behind the popularity of our renters’ nation - it’s the baby boomers too. Experiences are important to these generations (I agree… experiences over stuff/things) and they prefer the renter lifestyle and enjoy the amenities (pool, health club, parks, dog parks, etc…) apartment communities have to offer.

While amenities are useful when creating a community the true key to keeping up with the market in regards to rent, is to give your residents a sense of belonging and to create a community.

How?

Management can, and should, arrange for summertime barbecues, take your pooch to the pool days, organized play dates for preschoolers, after-school tutoring sessions in the clubhouse, organized pumpkin carving/painting activities, Halloween costume contests for kids, Easter egg hunts, a pool party to kick off the opening of the pool, memorial day cookouts, etc…

Giving people a sense of community and making an impact on their lives also provides them with a home. Doing this makes lease renewals easy too - even when you are increasing with the market, as good operators should.

Whether you are an active multifamily syndicator or a passive limited partner I hope this Edified Equity Investor Insight was helpful.



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