How to Get Started How to Get Started in Multifamily: … · 2009-02-25 · How to Get Started in Multifamily: Designing the Doug Buster Managing Partner BSB Design Palatine, Illinois

2009 International Builders ShowHow to Get Started in Multifamily:

Designing the Product

Presented By:Jeremy Greene, AIA – BartonPartners

Doug Buster – BSB Design

All plans and drawings in this presentation are copyright protected by the presenters or their clients. Reproduction in whole or part without expressed written Consent is prohibited.

January 21, 20091

How to Get Started in Multifamily:Designing the Productg g

January 21, 20091:00 pm – 2:00 pmSouth 230

Jeremy A. Greene, AIAPrincipalBartonPartnersNorristown, Pennsylvaniawww.bartonpartners.com

How to Get Started in Multifamily:

Designing the

Doug BusterManaging PartnerBSB DesignPalatine, Illinoiswww.bsbdesign.com

the Product

•Rental vs. For Sale•Multiple product possibilities•Density

What’s different about multifamily?

•Parking•Demographics•Detailing•Landscape & Hardscape•Amenities

Renter ProfilesEstablished FamilyYoung

Families

Students

Workforce HousingSeniors

Young Couples

Single Parents

Pros & Cons of Multiple Product Typesyp

TownhomesPros• Relatively simple

to build• Endless variety

of configurations• Can be built

using the IRC or

10-20 du/ac

using the IRC or IBC codes

• For-sale alternative

• May attract more affluent renters

• No FHA, no accessible units






January 21, 20092

TownhomesCons• Generally lower densities• Garages may limit plan

flexibility• Larger square footages force

higher rents• Mandates rich landscaping &

d t ili

10-20 du/ac

detailing

Garden Walk-Ups 12-25 du/ac

Pros• Product of choice by most for market

rate rental ranges• Medium density• Fairly economical to build (low hard

cost per sq.ft.)

Garden Walk-UpsPros• Wide variety of

floor plan offerings

• Flexibility & interchangeable floor plans

12-25 du/ac Garden Walk-UpsPro’s• High net to gross ratio• Economies of scale due to

repetition of plan elements• Units usually don’t compete

against one another if renters options are limitedC l t ll k t t

12-25 du/ac

• Can appeal to all market segments


Cons• Typically large buildings• May require upgraded elevation to get

approval• Homogeneity/Repetitiveness• Large parking lots exposing cars


Cons• Safety/ Security• Expensive clubhouse/leasing

center typically required • Maintenance of common spaces






January 21, 20093

Flats 12-18 du/ac

Pros• 1st floor attracts senior/active adult renters• Slightly higher density than TH• Fit in small cluster groupings• More readily acceptable to neighbors than

large scale rentalCons• More expensive construction due to

sound attenuation

Direct Access 12-25 du/ac

Pros• Feels like owner/condo unit• Begins enclosing car on site• Mix TH/Flats together• Limited common space

Direct AccessPros• Higher rents• Security of garage to unit relationship• Easily converted to for-sale units

17-25 du/ac Direct Access 17-25 du/ac

Cons• More expensive to build• Fire separation & sound attenuation

between garage/unit critical• Heating & cooling between unit &

garage

Direct Access 17-25 du/ac

Cons• Garages add expense• Can be less dense if

garage space doesn’t satisfy parking requirements

Midrise – Standard 25-50+ du/ac

Pros• Higher densities• Large % of cars on site can be hidden• Up to 4-stories over garage can be built wood

frame construction• Attracts largest # of renter profiles






January 21, 20094

Midrise – Standard Cons• Net to gross ratios lower (< 85%)• Cost of common elements

including; corridors, elevators, etc.• Cost of garage construction

25-50+ du/ac Midrise – Structured Parking/WrapPros• Typical wood

frame on slab w/ garage isolated from units

• Least expensive garage

t ti

35-60 du/ac

construction• Courtyard loop

creates wonderful outdoor space

Cons• Long walking

distance from garage to many units

Midrise – Podium Pros• Outdoor podium is a

major outdoor opportunity

• Many units have access to plaza

• Garage yields more it

50-85+ du/ac

cars per unit

Midrise – PodiumCons• Most expensive garage to

build• Waterproofing of plaza level• Transfer of loads through the

structure• Multiple elevators, stairs, etc.

50-85+ du/ac

Midrise - Mixed Use

Pros• Location, location,

location• Usually yields higher

l t ft

30-50+ du/ac

lease rates per sq.ft.

Cons• Expensive

construction• Often times different

type of builders needed for project

Midrise - Mixed UsePros• Considered desirable by

planning departments• Encouraged by many zoning

ordinances (ie: TODs)Cons• Design issues due to

25-50+ du/ac

• Design issues due to unknown retail uses

• Not easy to integrate lease up on retail & units simultaneously






January 21, 20095

Midrise – Mixed Use/Hybrid

Features• 1st level direct-entry residential• 1st level retail & business uses• Parking below grade• Parking above grade• Elevated private courtyard/plaza• 195 units on 1.9 ac = 100 du/ac

Adaptive ReusePros• Revitalization of underutilized or

vacant buildings• Municipal support• Design opportunities • Historic tax credits• Historic preservationp• Positive impact on property values

Adaptive Reuse

Cons• Land costs• Site contamination = remediation costs• Hazardous material removal• Infrastructure improvement costs• Historic tax credit & preservation costs• Integration of parking

Adaptive Reuse - Interiors

SeniorsPros• Increasing market

demand in next 10-20 years

• Desirable for many city infill sites – stay close to exist friends/neighborsR d d ki

100-300 Unit Programs

• Reduced parking requirements

Cons• Usually requires 3rd

party professional management groups

• Most builders would not get into nursing facilities & long term health care

SeniorsPros• Tax credit financing availability• Affordability• Repetition leads to economies

of scale• Low vacancy rates







January 21, 20096

Seniors 100-300 Unit Programs

Pros• Independent living • Security and comfort• Sense of community• On-site services

SeniorsCons• Tax credit financing requirements• Uncovered parking• Lack of storage• Private outdoor space can be limited• Connotation of “old folks home”


Student HousingPros• University towns

turning over responsibility to outside developments

• Smaller unit, higher d itdensity

Cons• Most locate sites

close to universities• Turnover & wear &

tear• Fairly high parking

required – generally all surface parking

Workforce/Affordable Housing

Pro'sPro's• Increased demand, particularly in

tough economic timesCon's• May require federal funds & tax credit

incentives• Many communities not on board• Market rate parking required for sub-

rate lease opportunities

Workforce/Affordable HousingPros• Tax credit financing availability• Can enhance approvals process• May satisfy municipalities'

affordable housing requirements or incorporate dedicated housing

• Integrates very well with mixed • Integrates very well with mixed use and TOD projects

Workforce/Affordable HousingCons• Perception by

surrounding community

• Integration within larger planned developments

• Design constraints due to budgets






January 21, 20097

•Unit Plans• InteriorsExterior detailing

All leased communities require thought regarding:

•Exterior detailing•Planning & Product Selection•Landscape/Hardscape•Amenities

Unit Plans – Multiple Plan Requirements

Unit Plans – Direct Access & Townhomes

Direct Access Unit

Loft Overlook into Great RmDirect Access Unit w/ Garage

Unit Plans – Interchangeable

Unit Plans – Townhome Typologies

B k t B k (I t i ) Through Units (Interior)Back-to-Back (Interior) Through Units (Interior)


Th h U it (E d) T Fl t (E d)Through Units (End) Towns over Flat (End)






January 21, 20098


Back-to-Back Units

Interlocking Units

Interiors

Loft/Boutique

Luxury

Market Rate

InteriorsSeniorsTownhome

Affordable

Workforce Housing Active Adult

Exterior Detailing

• Vertical color makes Garden Walk-up feel like townhomes

• Brick at first floor

• Shake siding

Planning & Product SelectionKey Factors

• What is the market?• Who are the renters?

• Parking solutions• Phasing considerations

• Is this Mixed Use?• Is this a TOD?

• Increased green space/ pocket parks

• Service/trash location(s)

Planning & Product SelectionKey Factors

• What are the amenities?

• How does product distinguish itself in the market?

• Eye catching entry• Million $$ view to &

from the clubhouse

• Finding special units that border water or green spaces






January 21, 20099

Landscape/Hardscape• Make a great 1st impression• Colorful landscaping• Gatehouse

Landscape/Hardscape – Entrance Feature

Landscape/Hardscape – Suburban

• Walkable

Landscape/Hardscape – Urban

• Sidewalk & what is next to it are key

Landscape/Hardscape – Urban Landscape/Hardscape – Seniors

• Campus layout• Courtyard living• Paths, benches,

shade structures






January 21, 200910

Amenities – Clubhouse

• Clubhouse sets the tone

Amenities

• Cyber Café • Exercise Room• State of the art equipment• Laundry

Amenities

• Sun Room• Theater

Room• Demo

Kitchen

Amenities

• Basketball Court (½ court)

• Sign up sheet• Doubles as

gathering space by setting up tables

Amenities•Differences between MF for-sale & rental development

•Variety of product types used in rental industry & no set answer to product

Most are (or can) use protected wood

Developers must understand:

– Most are (or can) use protected wood frame construction

•Pros & Cons of each rental typology– Density, parking solutions, codes,

construction methods, etc.






January 21, 200911

• Importance of designing to meet your market

– Demographics, consumer/renter profiles, etc.

• Importance of the appearance of the

Developers must understand:

Importance of the appearance of the product

– Exterior detailing, landscape/hardscape design, green spaces, views, site features

• Importance of the amenity package, project visibility, etc.

Questions?

Jeremy A. Greene, AIABartonPartners

[email protected]

Doug BusterBSB Design

[email protected]

How to Get Started in Multifamily:

Designing the

Thank You!

the Product

Download a Printable PDF of today’s presentation at:www.bartonpartners.com or www.bsbdesign.com

Documents

How to Get Started How to Get Started in Multifamily: … · 2009-02-25 · How to Get Started in Multifamily: Designing the Doug Buster Managing Partner BSB Design Palatine, Illinois