Sep
29

Nationally, Apartment Development Ramps Up

By
– National Real Estate Investor

The apartment sector is the only sector within the commercial real estate industry where development makes sense, according to industry experts. While other sectors such as office, retail and industrial are not overbuilt, existing demand is minimal and future demand is not forecasted to be strong. Demand for apartments, on the other hand, is expected to increase substantially over the next three to five years, and apartment owners and operators are ramping up their development activity.

Denver-based UDR Inc., for example, has three communities with 1,104 units under development for a total estimated cost of $218.2 million. During the second quarter, the REIT broke ground on the Savoye II in Addison, Texas, the second phase of its Vitruvian Park development. The community is being built to meet LEED Gold standards and will consist of 352 units and 28,140 square feet of retail and office space, at an expected cost of $69 million.

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