Garden Apartments Are Underrated
The unglamorous product that keeps outperforming.
Garden-style apartments lack the prestige of a high-rise, but their economics have quietly outperformed through the cycle. The market keeps underpricing the boring.
Lower Cost, Stickier Tenants
Surface parking, walk-up construction, and modest amenities mean lower capex and operating intensity. The resident base is often stickier, and the basis is more forgiving when the market turns.
It will never headline a conference, which is precisely why the risk-adjusted returns keep surprising people who chase shinier product.
Development director at Atlas New Communities. Master-planning large-format greenfield districts.
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