More and more people are feeling encouraged to look into multifamily housing. Some reports indicate that many real estate investors are willing to invest in apartments says Maxwell Drever. While most earlier focused on Class A properties, the attention is gradually turning to solve the ‘missing middle’ housing problem by providing them with affordable workforce housing options. This type of workforce housing targets middle-income households consisting of teachers, healthcare workers, firefighters, freshers, etc. The ‘missing middle’ of workforce housing is an opportunity for real estate investors to address the rising affordable housing crisis for these people while making enough yields through the significant contributions.
However, affordable workforce housing is not an ordinary real estate project that everyone has been busy building. It is very niche and requires specific knowledge, expertise, and experience, which only people like Maxwell Drever and Galen, who specialize in this field, can handle. That’s why hotel owners turn to them for guidance. From old complexes to hotels, they have delivered projects already. Let’s see why expert guidance comes in handy throughout this process.
Choice of investment property
Many community service professionals (lawyers, teachers, police officers) live alone after leaving behind the larger families they grew up with once. Rental multiunit housing is one-way developers can attract empty nesters and others who enjoy living next to restaurants and retail shops and being close to available public transit that gets them around town efficiently. At the same time, these people don’t look for luxuries. Their focus is basic amenities that help them lead their daily life comfortably. Since hotels come with almost everything necessary for living a decent and safe life, it makes sense to convert them into affordable units for the workforce. But not every property can be ideal for this purpose. Many factors weigh in to determine its feasibility, which only experienced real estate people in the league of Maxwell Drever can tell.
What types of factors decide a hotel’s suitability for affordable workforce housing?
A hotel property requires extensive analysis. For example, something with a carefully crafted structure and modern-day floor plans and finishes can be a good feature. If the hotel is only a walkable distance from multiple amenities. Such as schools, clinics, transport, or entertainment options, it can be better to consider it. Some also believe that fewer off-street parking spaces can also be advantageous.At the same time. The project should be able to create a sense of community in the local neighborhood. To make the new residents feel welcome. While sensitizing the elite and high-income groups is one thing. A vibrant environment can be the attraction.Also, people should get an opportunity to buy or rent a home. If you convert hotels into multifamily dwellings, the last point becomes relevant.
Nevertheless, one must be aware of zoning codes, permits, financial sources, and others to accomplish these development projects. Even the easy hotel conversion projects can seem like a burden without this basic understanding. It can be a setback in many ways. Hence, consulting real people is crucial.