Welcome to the official blog of Block Real Estate Services, LLC (BRES). BRES seeks to offer insight and news concerning commercial real estate, financial investments, construction and development of the 212 communities we serve locally and nationally.

Thursday, May 22, 2014

Urbanization Driving Multifamily Demand

Urbanization Driving Multifamily Demand

Demographics are creating a surge of urbanization and increased interest in multifamily rehab developments. According to the Census Bureau, 2013 saw 2.3 million more people living in metro areas than in 2012, with 269.9 million people now living in cities and their surrounding areas. Shifts in different renter appeals are driving urbanization and thus, there is great desire for revitalization and rehab in urban areas.

The Demographic Demands 

Interest Is Strong in the Rehab Market

Economic and demographic shifts are causing a greater demand for multifamily housing as different generations are starting to become more attracted to urban living. Because of this urbanization, lenders are increasingly seeking new construction and rehab deals in today's market and this kind of development is thriving. For example, I'm currently focusing on the Brookside Village development - located at the corner of East 68th Street and Troost Avenue ( in the Kansas City area), immediately north of the Rockhill Greens development that has already begun construction. The current 9-story medical office building, referred to in the past as Highlands Professional Tower, will be re-purposed into market rate senior housing.  There will also be two new additional buildings built on the north and south sides of the current parking garage.  This development is
Brookside Village
Brookside Village
going to offer people from the Armour Heights, Brookside and Waldo neighborhoods a maintenance provided place to live that will allow them to stay close to where they've spent much of their lives.  It will be a gated community and will offer many amenities including: indoor pool, bowling alley, pool tables, movie theater, community garden, sport court, putting green, bocce ball and more. See the current Brookside Village rendering above. 

Matt Ledom Block Real Estate Services
Matt Ledom 
Sales Associate - Multifamily
Block Real Estate Services

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