Reaching Your Target Demographic
Congratulations again to all the 2013 Excellence Award winners whose accomplishments are featured beginning on page 35 of the October issue of MHN magazine. All are noteworthy, but one apartment community in particular, AVA H Street—the Washington, D.C. asset owned, developed and managed by Avalon Bay Communities Inc. and designed by KTGY Architects Inc.—took home awards in several different categories: Most Tech Savvy Community (Gold), Best Apartment Community (Silver) and Best New Development—Mid-Rise (Gold).
This success story began back in 2008 when Avalon Bay conducted research to better understand the preferences of apartment consumers. The findings helped inform the decision to establish AVA, a new brand designed to more deeply penetrate saturated markets by catering to the Gen Y segment. Integral are design innovations such as “gear” walls, personalized walk-in closets with customizable slatwall, convertible living/dining/bedroom spaces (sliding walls enable easy space reconfiguration) and interactive amenities with a social networking component.
AVA H Street (the first AVA-branded community designed from the ground up) also invites its Gen Y residents to customize their front door entry signs. Other amenities include an electric car charging station and lots of bike storage (no surprises there).
What role has research played in how your communities connect with a target demographic? What’s the best strategy for satisfying a varied demographic at multi-generational properties?
We’ll delve into these areas and more when I moderate “What Renters Want: Multifamily Development/Design Trends that Drive Occupancy,” a FREE panel discussion sponsored by MHN industry partners Interface and Universal Fibers at 6:00 p.m. on November 14 in the Interface Los Angeles showroom. Registration is now open! I hope you’ll join us for an interesting conversation that could change how you approach your multifamily investment decisions going forward.
Diana Mosher, Editorial Director