AMF Development Unveils Micro One-Bedroom Units for Southern California
Complex designed for Gen Y crowd offers residents functional sophistication and achieves investment targets as well
GLENDALE, CA – March 20, 2013 – (RealEstateRama) — It’s apparent that the majority of the Gen Y generation – those between 20 and 34 years old – have something in common: they don’t demand a large living space in order to live comfortably. In fact, this demographic is actually reshaping the multifamily development market. One such developer, AMF Development, LLC (AMFD), has unveiled one of the first micro one-bedroom designs specifically targeted for the Gen Y crowd in Southern California that not only offers all the amenities that this demographic wants, but also focuses on the socio-economic factors as well.
“The units, whether a “micro one-bedroom” or a two-story loft, contain all the comforts and amenities of a full-sized apartment home, which Gen Y demands,” said Alan Dibartolomeo, chief development officer of AMFD. “In order to tackle the population’s changing demographics and their expectations, we’ve developed affordable living units that effectively capitalize on all of the usable space in a minimal yet sleek design.”
The micro one-bedroom units are part of the 208-unit Elevé Lofts & Skydeck that is soon to open in Glendale, Calif., which is the first in a series of Young Urban Community projects that the company plans to develop in the Southern California area.
According to statistics, Gen Y, also called the Millennials, makes up 30 percent of the U.S. population. Within this demographic, the majority is in the workforce, vote in elections, are establishing households and becoming an important force in the marketplace. In a survey commissioned by AMFD, which helped in the planning of the living units, one key result was that 62 percent of the respondents would rather live in a studio apartment alone, rather than in a larger space with a roommate, even if it cost more – up to $300 a month – to do so.
The micro one-bedroom units, which are approximately 400-square-feet, offer a full kitchen complete with granite countertops, high gloss cabinetry and stainless steel appliances, in-unit laundries, a full bath, living room, bedroom and closet. The LEED Silver-designed project is located within an amenity-rich, urban environment suitable for a variety of lifestyles and economic levels.
Another unique design component allows the reconfiguration of Elevé’s micro-dwellings from micro units to larger one-bedrooms or even two-bedrooms in order to accommodate expanding households. While smaller square footage may suffice for a single resident’s needs now, AMFD has designed and constructed its building in such a way that units can be converted into larger dwellings should the market demand change.
Elevé Lofts & Skydeck Glendale is slated to open in Spring of 2013 with rents ranging from $1500 to $2800 per month.
About AMF Development, LLC
Based in Huntington Beach, Calif., AMF Development, LLC is the development arm of American Multifamily Inc., a fully integrated real estate company that has been building large multifamily and mixed use neighborhoods in California, Texas and New Mexico since 1989. During the last 10 years alone, AMF has completed over half a billion projects with clients including Legacy Partners, Pulte, Standard Pacific Homes and Lennar Homes. For more information visit: www.americanmultifamily.com/development or www.youngurbancommunity.com.
