11-07-2019, 02:53 PM
(11-07-2019, 01:03 PM)Lordelsinore Wrote:(10-28-2019, 08:19 PM)tomh009 Wrote: They only need to sell 236.The buyer demographic for the larger units will probably be much like that for Arrow Lofts, and then they have a whole lot more smaller units than Arrow does.
Just curious what the demographic is of the larger Arrow lofts is and what you think M's will be?
I would hazard a guess that two-thirds of Arrow residents are over 50. Maybe only 10% have children (of any age) living with them, many more than that have pets. Given the ages, many of the over-50s are retired. There is a contingent of younger residents, 20s/30s, many working in tech. Rentals at Arrow are only about 25%, I do expect that number to be higher at Avenue M, especially the small 1BR units are more likely to be rentals. Avenue M's minimum lease period is three months (less than a university term) as compared to Arrow's six months.
An additional twist is that Avenue M is offering up to 25 "short-term rental licences", allowing the owner of such a licence to do either "executive (furnished) rentals" or AirBNB-style rentals. It may be attractive to an investor wanting to do that business. But as a potential buyer/resident, this was a big factor for us to not proceed with Avenue M, as attractive as some aspects of it are.