Best Amenities / Other Income Sources that You've Seen (Multifamily)?

Thinking through the amenity set at a development my firm is in the early innings on and I'm curious to hear the forums opinion on the best amenities to have in 300+ unit apartment development? Bonus points for amenities that can generate income - for example, co-working space that tenants can rent on a daily/weekly/monthly basis. 

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Comments (9)

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Nov 16, 2021 - 3:59pm

A well designed fitness center and year round outdoor/roof/pool deck area are key as they're likely going to be your most utilized amenities. Maximizing your amenity space is something I feel many developers don't spend enough time on. More often then not I'll visit other apartment buildings and find almost all will have three different iterations or a tenant lounge but will chop it up and name each portion something different as a way of checking a box. In reality your tenant lounge will be used as the work lounge, as will the game room and dining room. If you were a tenant in the building what would do you think you'd get the most use out of and start there.

Not sure if this is done in MF but if you could setup a management agreement with a cafe/coffee shop operator available to tenants as an added amenity I feel like that would be huge. It's common for office landlords but not sure if it's been done of the apartment side.

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Nov 16, 2021 - 4:57pm

Toured a Class A MF we were looking to buy in Austin. It had veggie garden near the atrium that grew fresh tomatos and other things. Cleaning staff would water the plants and residents could come in and take what they wanted. Pretty cool concept.

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Nov 19, 2021 - 1:04am

Closed a deal where our sponsor had a master lease with the State of Oregon to house wildfire victims. The state paid him $75 / night per pet. He had the bright idea of holding pet adoption drives in front of the property and offering free training and grooming services. He made an absolute fortune off of those fees.

Nov 20, 2021 - 6:27pm

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