What are Horizontal Apartments?
Our core focus in the development of multifamily properties is the development of horizontal multifamily communities. Horizontal multifamily communities are a hybrid housing development offering detached single-family homes within a rental community that combines the privacy of individual residences with professional property management to take care of repairs, yard maintenance, common areas and more. This is the culmination of single family housing portfolios and the traditional multifamily housing experience. You get the combination of the economies of scale from an operational perspective of a traditional multifamily property, while providing a tenant experience more aligned with a single family home. The properties offer many of the benefits of owning a home without the higher expenses and long-term responsibilities, and are filling the gap of low supply of affordable single family housing for younger generations transitioning to home ownership, as well as downsizing baby boomers.
We acquire vacant land in the range of 8 to 15 acres, in markets demonstrating strong fundamentals in the areas of net-migration, job creation and growth, and other market factors. We leverage our relationships with our development partners (e.g. architects, engineers, builders, property managers and financiers) to develop the community at an average unit density of 8-9 units/acre. These units are developed as Class A units and command significant rent premiums when compared to traditional multifamily properties.