Colorado-Real-Estate-Journal_338227

Page 22 - April 19-May 2, 2023 www.crej.com Multifamily W hen it comes to mul- tihousing properties, amenities play a significant role in attracting tenants and keeping them happy. While there are a plethora of ameni- ties that you could consider for your property, a workout facility is one that can provide numerous benefits to both you and your tenants. Let’s take a closer look at the benefits of including or updating a work- out facility in your next multi- housing property. One of the most significant benefits of having a workout facility in your multifamily property is that it can attract health-conscious tenants. Many people today are focused on maintaining a healthy life- style, and having a gym on-site can be a major selling point for potential renters. Not only will it show that you care about the health and well-being of your tenants, but also it can save them time and money by elimi- nating the need to travel to and pay for a gym membership. Tenant satisfaction is critical to the success of any multifam- ily property. When tenants are happy, they are more likely to renew their lease and recommend your proper- ty to others. By including a workout facility, you can increase tenant sat- isfaction by providing an amenity that ten- ants will use frequently. It can also help create a sense of com- munity among your tenants, as they will have the opportunity to work out together and sup- port each other’s fitness goals. Another benefit of including a workout facility in your mul- tihousing property is that it can boost the overall value of your property. Having a gym on- site can be a significant factor in determining the value of a property, especially in today’s health-conscious society. By offering this amenity, you can differentiate your property from others and potentially increase your property’s value. If you include a workout facility in your property, you could potentially generate additional revenue from it. You could choose to charge tenants a monthly fee for access to the gym, or you could even open it up to the public for a fee. While this may not be feasible for all properties, it is something to consider if you have the space and resources to do so. Tenant retention is crucial for the success of any multihous- ing property. By providing your tenants with a workout facility, you can give them one more reason to stay. Tenants who use the gym regularly are more likely to renew their lease, as it can be a hassle to find a new apartment with similar amenities. By improving tenant retention, you can reduce turn- over costs and ensure a steady stream of rental income. Having a workout facility in your property can also enhance your brand. It shows that you are committed to providing your tenants with high-quality amenities and that you care about their health and well- being. This can help build a positive reputation for your property and potentially attract more tenants in the future. Finally, including a workout facility in your multihousing property can give you a com- petitive edge over other prop- erties in the area. Tenants today are looking for more than just a place to live – they want a life- style. By offering a gym on-site, you can provide your tenants with a unique lifestyle that they won’t necessarily find at other properties. This can make your property stand out from the competition and attract more tenants in the long run. In conclusion, there are numerous benefits to including or updating a workout facility in your next multifamily prop- erty. From attracting health- conscious tenants to creating a competitive edge, an on-site gym can provide a wide range of advantages for both you and your tenants. If you are consid- ering adding a workout facility to your property, it’s important to weigh the costs and benefits to determine if it makes sense for your specific property. You will need to consider the cost of equipment, maintenance and staffing, as well as the potential revenue and overall value that it could bring to your property. However, if you are able to make it work, a workout facil- ity can be an excellent invest- ment that will pay off in the long run. s gcornyn@pushpedalpull.com Workout facility: A top amenity that attracts, retains tenants Gloria Cornyn Senior market specialist, Push Pedal Pull by Katie Spence FOUNTAIN — Thompson Thrift, a full-service, nationally recognized real estate company and a leading multifamily devel- oper, is developing a 336-unit Class A multifamily community in the Colorado Springs suburb of Fountain. The development, named The Garrison, will be located near the intersection of Mesa Ridge Park- way and Fountain Mesa Road, adjacent to Fountain’s two signifi- cant arterials and with easy access to I-25. The total gross square footage is 391,488 square feet, on 21.8 acres. Thompson Thrift broke ground in March and plans to wel- come new residents in late 2024. According to its press release, res- idents can choose from one-, two- and three-bedroom floor plans with up to 1,369 sf of living space. “The Colorado Springs area is recognized for its top-quality educational system, ample job opportunities, and an abundance of outdoor recreational activities,” Josh Purvis, managing partner for Thompson Thrift Residential, said in a press release. “These factors have spurred population growth, and The Garrison pres- ents us with an excellent oppor- tunity to provide a highly desired luxury living rental option for area residents.” Thompson Thrift prides itself on developing apartment homes on par with for-sale homes. In keeping with that, The Gar- rison apartment amenities will include gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, an Alexa-compatible smart hub to integrate all smart devices, smart door locks and smart thermo- stats, designer fixtures and fin- ishes, full-size washers and dry- ers, walk-in closets, plus patio, balcony and private yard options. Community amenities will include a resort-style heated swimming pool, a professionally decorated clubhouse, a 24-hour fitness center, a community gar- den, a dog park, a community grilling area, Wi-Fi for resident use, a pavilion and others. Jennifer Franklin, managing director for Thompson Thrift, told CREJ about the demand for this type of project, “(This) area has significant barriers to entry, and this is the only multi- family development in the area. (There’s) great demand for luxu- ry living rental options in a loca- tion with a growing population due to its top-quality education system, ample job opportunities and an abundance of outdoor rec- reational activities.” The Garrison will be within walking distance of the Markets at Mesa Ridge, which is anchored by Safeway, Lowe’s and Wal- greens. It’ll also enjoy convenient access to Fort Carson, one of the largest employers in Colorado, Memorial Hospital and Peterson Space Force Base. The architect and contractor for the project are Studio M Archi- tecture and Thompson Thrift Construction. Other News n DENVER — The Johnson- Piretti Team at NorthPeak Com- mercial Advisors announced the sale of Lancaster Manor for $7.3 million. Located at 2508 E. 11th Ave., Denver, Lancaster Manor is a mid-rise Class C building with a total of 26,290 square feet and 28 units. The sales price per unit was $260,714, and the cap rate was 2.5%. Lancaster Manor offers one- bedroom units with 658 to 670 sf, and two-bedroom units with 874 sf. The units feature air condi- tioning, fireplaces and balconies. Other amenities include off-street parking and convenient access to the Botanic Gardens, Congress Park, downtown and Cherry Creek. “The sellers were the original developers of the property in 1969,” said Johnson in a press release. “It was an honor to represent these two families in the sale of a building con- structed by their fathers.” “The buyer is an experi- enced investor renowned for their recent ren- ovations in the neighborhood,” said Piretti. “Despite chal- lenges in the market, deals are still getting done with cre- ative and visionary investors.” s Thompson Thrift breaks ground on luxury MF property Thompson Thrift is developing a 336-unit Class A multifamily community in the Colorado Springs suburb of Fountain. Conner Piretti Greg Johnson Lancaster Manor is near the Botanic Gardens, Congress Park, downtown and Cherry Creek. Having a gym on-site can be a significant factor in determining the value of a property, especially in today’s health-conscious society.