Determining which amenities are attractive to potential buyers has become an integral part of developers' marketing strategies. As the needs of residents evolve over time, so does the level of amenities they want.
With a vast selection of multifamily buildings to choose from throughout the country, determining which amenities are attractive to potential buyers has become an integral part of developers' marketing strategies. As the needs of residents evolve over time, so does the level of amenities they want. So, the question is, how does a developer determine which of these amenities are most desirable?
First and foremost, identifying a target audience and clearly understanding its specific needs and wants are crucial. At Dranoff Properties, our buyers often include affluent baby boomers exchanging their vast suburban footprints for smaller options that cater to later-in-life living. These boomers desire world-class amenities within the buildings they reside, as they seek a lifestyle that is less demanding in terms of maintenance and upkeep of their home. They also desire a lifestyle that provides them with options and opportunities that could never be replicated as single family homeowners. Given new technologies and the creativity of developers and architects everywhere, the possibilities are endless.
When it comes to high-end amenities, simply having a room filled with treadmills doesn’t cut it anymore. Developers that want to distinguish themselves within this generation and, tap into their influential buying power, must go above-and-beyond to differentiate from their competition. Additionally, it is always key to evaluate the amenities you plan to offer and determine whether or not they will add value down the road. Buyers want to invest in a unit that not only appeals to them now, but will also appreciate over time and enhance resale value.
To drive such appreciation, many buildings are now being designed with entire floors dedicated to upscale amenities. For example, 10 Rittenhouse, located in the prestigious Rittenhouse Square neighborhood of Philadelphia, features an impressive 13,000-square-foot amenities floor that is a driving force behind the building’s appeal. Impressive amenities available to residents include wine storage lockers, an entertaining venue with a catering kitchen, an outdoor garden and terrace, an upscale gym and yoga studio with a full schedule of classes, a sauna, and a 57- foot saline lap pool.
But, while many people might only associate amenities with an interior, it’s also essential to leverage outdoor space – especially with buildings that are located near parks or waterfronts.
One Riverside, Dranoff Properties’ latest under-construction project, is a 22-story condominium building situated on the Schuylkill River Trail – recently named by USA Today as the nation’s “Best Urban Trail.” Located just feet from the city’s sidewalk on one side and the Schuylkill River Trail on the other, One Riverside will feature two separate spaces (north and south) with distinct personalities. The north side highlights building functionality and resident relaxation, through a motor court – the first of its kind in Philadelphia – and a private, serene garden on top of the underground parking garage. The south side is an urban oasis, featuring a natural rain garden and complete outdoor kitchen, as well as a seating area for entertaining. All building residents also can enjoy stunning views of the park and waterfront from its sundeck.
Another amenity that is becoming increasingly more coveted among buyers is the hospitality suite. At One Riverside, this room can be made available at no additional costs to out-of-town guests visiting residents of the building, and includes all of the features needed for a comfortable stay.
In addition to these luxury offerings, walkable access to outstanding entertainment, shopping and dining options is also a chief focus.
This outdoor activity is important to our buyers, and, in response to this demand, we launched the Dranoff Bike Share in 2011, a program that provides building residents with the opportunity to reserve a free bicycle and explore Philadelphia on two wheels. Through this “green” mode of transportation, we encourage our residents to stay healthy, while providing them an amenity that delights.
As the demographics of any city shift, multifamily residences must offer buyers the high-quality amenities they desire to truly market their buildings amongst the industry’s best. Developers must be nimble and anticipatory in thinking and also, in the ways in which they address the needs of their buyers. That’s what Dranoff Properties has done – and what good developers should always do.
CARL DRANOFF is CEO of Dranoff Properties. Dranoff Properties designs, builds, manages and owns the properties it creates in the Philadelphia area. The approach guarantees quality is built in from the beginning and through the development process. From expert design and construction through completion and property management, the Dranoff difference assures each property is built to the highest standards and remains an important community anchor for generations. Learn more at www.dranoffproperties.com.