30A —November 10 - 23, 2017 — DelMarVa — M id A tlantic
Real Estate Journal
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D el M ar V a
Greenbelt’s Capital Off. Park signs 13K s/f lease
a sh i ngton , DC — Greysteel , a national commer- Cascade Park in Washington, DC Greysteel arranges sale of 132 unit multifamily community W
cial real estate investment services firm, has arranged the sale of Cascade Park, a multifamily community lo- cated in Washington, DC. The transaction was brokered by Greysteel president and CEO Ari Firoozabadi ; managing director W. Kyle Tangney and investment associate Herbert Schwat, of the firm’s Washington, DC office who served as advisor and agent to the seller, NOVO Properties. Built in 1949, Cascade Park Apartments is a 132 unit multifamily community con- sisting of five buildings in the Congress Heights neighbor- hood of Washington, DC. The Property is ideally positioned a fewminutes from the Capitol Riverfront, the Washington Navy Yard, and Downtown DC’s Central Business Dis- trict as well as major federal employers in Prince George’s County. The rapidly emerging submarket is also currently in the midst of transformative munity gardens to seduce both cohorts. It’s time to wake up. These features have gone from exceptional to conventional in the last five years. Instead, beefed-up basics and attention- grabbing extras now reign supreme. For both generations, the former means flawless internet reception, community directors, smart controls for HVAC systems, fitness studios to complement workout rooms, larger storage areas, state-of- the-art recycling, electric car charging stations and more. The latter—the extras that dazzle and woo—are singular to each community and analytics- driven. But long before those extras come into play, we know Mil- lennials and Boomers both fa- vor open floor plans that foster flexibility and interpersonal connectivity; high quality fix- tures and finishes—especially in the kitchen; lifestyle enhanc- ing communal spaces and ame- nities; and pet friendly features such as dog runs and grooming areas. But Boomers favor tradi- tional design features such as fireplaces and moldings; need space for hobbies and leisure activities; demand home offices that can double as guest rooms; continued from page 2A
6404 Ivy Lane
the District of Columbia,” said Mukang Cho , CEO and man- aging principal at Morning Calm. “Capital Office Park’s location and accessibility will enable NCCF to attract a di- verse employee base from the broader DC Metro area.”
GREENBELT , MD — Morning Calm Manage- ment (Morning Calm) , the real estate investment and management owner of Capital Office Park, announced that a major national advocacy organization, National Cen- ter for Children and Families (NCCF), with headquarters in Washington DC and Mary- land, signed a long-term lease at Capital Office Park for 12,616 s/f of corporate admin- istrative space at 6404 Ivy Lane. for them, along with top-shelf amenities that promote well- ness, safety and reduce stress. Trending options include maid, laundry, meal and personal valet services; state-of-the-art gyms with personal trainers; tech-enabled smart lighting that supports natural circadian rhythms; and biometric secu- rity and alert systems. ThoughMillennials have less money to spend, they’re more flexible and adept at making trade-offs. They weigh unit size against other assets—es- pecially location and quality of amenities. Because Millennials love anything that’s new and cool, they’re willing to give up unit space if it means access to hot neighborhoods, major transportation hubs, smart appliances, state-of-the-art fit- ness facilities, doggie daycares, rideshare services and grocery delivery. Know Each Generation’s Commitment Level Here’s where the generations differ themost: As homeowners, Millennials are at the bottom of the ladder and Boomers are at the top. To the former, a mul- tifamily property is a “home for now” and an investment rather than a permanent commitment, notes Millennial Money. But for
Cascade Park
new area development. Cascade Park Apartments offers a highly desirable mix of two efficiency units, 39 one-bedroom units, 38 two- bedroom one-bathroom units, two three-bedroom one-bath- room units, 28 three-bedroom two bathroom units and 23 four-bedroom two-bathroom units. The large, spacious apartments are rare for the submarket and highly coveted by residents. Units feature open kitchens, separate dining “Cascade Park Apartments represented a substantial value-add opportunity with an unseen unit mix in a rapidly emerging submarket of Wash- ington, D.C.” said Tangney. “The recent delivery of the MGM National Harbor and the proximity to employment hubs in both Prince George’s County and across the District of Columbia drove interest from the buyer community.” n Millennials vs. Boomers: Tailoring multifamily homes to today’s . . . “NCCF’s new administrative office at Capital Office Park will help them expand their operations on the heels of their recent contract award from Niel Beggy with Avison Young represented NCCF, and Lauren Weiss and Jose Flefil with Morning Calm Advisors were in-house rep- resentation for Morning Calm. Capital Office Park’s ameni- ties include underground and surface parking, two on-site cafes, shuttle service to and from the Metro, on-site 24/7 roving security, and a confer- ence/training facility. n areas, wallto-wall carpeting or hardwood floors.
and choose walkable communi- ties with parks. Millennials, on the other hand, prefer sleek, unique design features; require affordability; prefer denser neighborhoods with edgy offer- ings; and need access to major transportation hubs. Pay Attention To Each Generation’s Values Despite their many similari- ties, Millennials and Boomers have different values that multifamily developers must take into account and reflect in their projects. Take Millennials’ vibrant lifestyle. It’s not just about convenience and activity; it’s an expression of their value for diversity and inclusiveness, according to PwC’s Emerging Trends in Real Estate 2017. They want to be part of a vital community that feels welcom- ing, flexible and democratic, and where informal hubs an- chor social life. And they covet new experiences rather than material possessions. So the more adventurous and unique an amenity, the better, accord- ing to our findings. Think game arcades, indoor rock-climb- ing walls, programming that ranges from out-of-the-box fit- ness classes to inspired happy hours, shared car services, fully
enclosed work stations in com- mon areas and fully-equipped music rooms. On the other hand, we find that Boomers still place a premium on properties that reflect exclusivity. They value refinement and sophistication, and traditional markers of this quality include doormen, valet parking, concierges and elegant private lounges. Amenities that wow include limo shuttles, driving ranges, spa-quality fitness centers with services and saunas, on-call chefs and temperature-controlled wine rooms. Analytics can help de- velopers determine the best options in each market. Consider Each Generation’s Resources Budgets are always a key consideration, especially since the disparity between these two generations is most evident here. But ultimately, neither cohort will buy places that don’t have the features they covet. For instance, even though Boomers are downsizing, space is still their holy grail. They want room to entertain, ac- commodate grandchildren and guests, work at home and pur- sue hobbies. They want and need larger units than Millen- nials—and can afford to pay
Boomers, this is often the last rung on their housing ladder. At or near retirement, they want multifamily units that will be permanent to avoid the hassle of moving again. And that means buildings with the services, facilities, amenities and units that will allow them to age gracefully in place and maintain the independence they prize. Despite the two cohorts’ very different reasons for buying, units that will “wear well” and can be adapted to future tastes are essential—and achievable with analytics that gauge each development’s target market, geographic requirements and mitigating trends. And while pleasing both cohorts in the same project can be a balanc- ing act worthy of the Cirque du Soleil, it too is possible with an analytics-driven approach. It takes precise data and astute analysis to consistently strike the right balance between the inclusive, informal community spaces that Millennials prefer and the more exclusive and re- fined facilities and services that resonate with Boomers. David Wolf is president of ONCollaborative, a full-ser- vice residential real estate marketing and sales firm. n
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