Developers are eying East Lansing, Michigan, for the construction of apartment complexes and numerous projects are already underway. The target market they are seeking to profit from in their purchases and sales and development projects are students.
Developers are adding fitness centers, basketball courts, study lounges and tanning beds to their properties in order to appeal to the younger student demographic. The addition of granite countertops, hardwood floors, stainless steel appliances and other perks put these apartments into the luxury category. Indeed, they are being rented at prices of $600 to $1,000 a person. Interestingly, East Lansing is not the only college community that is seeing the rise of high-end student apartment complexes; the trend is happening in college towns throughout the nation.
According to a marketing assistant representing one of the developers that is operating in East Lansing, college students want convenience. By including a fitness room and shuttles to and from college campuses, student residents can save money and stress. He said that their goal is to exceed expectations and build a reputation for being a great place to live.
When it comes to real estate purchases and sales, the more creative one is at fulfilling the needs of a niche market, the more successful one’s investment is likely to be. That said, a great plan and perfect application is not always the only thing one needs to achieve success. Sometimes, legal challenges present themselves, and the assistance of a real estate attorney is required to resolve those challenges. Anything from development contracts to zoning issues to landlord-tenant problems may need this kind of legal assistance.
Source: The State News, “East Lansing takes aim at high-end student housing” Michael Kransz, Aug. 06, 2014