(11-07-2019, 02:53 PM)tomh009 Wrote:(11-07-2019, 01:03 PM)Lordelsinore Wrote: 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.
Thanks for sharing this...it's nice to hear what 'buyers on the ground level' think/consider when looking at purchasing/investing. The brokerage says it's almost entirely 'local buyers' and most 'end users' which they said they found amazing. I guess even they too prefer this for stability and on-going care of a building they put their name behind.