Maximizing Multifamily Value: How Design Drives 880 Lyn’s Investment Returns and Resident Satisfaction
For property owners and developers, understanding the factors that influence resident decisions is crucial to staying competitive. While the location and rent are important, a variety of factors now shape where people choose to live. By diving into resident motivations, owners can better tailor their community to meet the demands of today’s renters.
880 Lyn in Irving, Texas is a great example of balancing luxury living and community connection. The REES-designed, Las Colinas community stands as a model for how strategic planning and resident-focused amenities can attract renters while bringing significant value for property owners.
Thoughtful Unit Design
Investing in thoughtful unit design directly impacts a property’s profitability and long-term value. A community that maximizes space and functionality not only attracts tenants but also encourages them to stay longer, reducing turnover costs—which has been tracked at nearly $4,000 per resident.1 By integrating high-quality finishes and durable fixtures into the unit design, owners can lower long-term maintenance costs and preserve the property’s appeal.
880 Lyn’s 293-unit apartment community boasts of sophisticated, upscale living with lakeside views of Lake Carolyn. REES designers positioned the building to optimize views of the lake, enhancing the property’s overall appeal with one of the site’s most attractive features. One- and two-bedroom layouts range from 580 to 1,850 square feet and integrate a neutral color palette complemented with warm wood tones and brass finishes. Units include granite countertops, wood-style flooring, outdoor patios, and in select layouts, wine refrigerators. These thoughtful design elements help attract residents willing to pay a premium for quality living space, ultimately benefiting the property’s bottom line.
Integrating with the Surrounding Community
Today’s renters want and need to feel connected to what’s going on where they live. SatisFacts’ annual survey of renters found that “a sense of community has been the number one driver for perception of value”.2 For property owners, designing spaces that foster connections among the residents—such as common areas, social spaces and event programming—along with strategically choosing the community’s location is key. These investments improve resident living and strengthen retention rates as residents see the community as a place of belonging.
880 Lyn is designed to cultivate a vibrant, social community. The property’s layout encourages residents to gather in various communal spaces, from lounges and game rooms to coworking spaces and its lakeside dock. These shared spaces act as hubs where residents can meet, socialize and build relationships. Near the complex, residents can enjoy the scenic Lake Carolyn Promenade, a three-mile trail system around the lake, and they are a short walk from the entertainment hotspot Toyota Music Factory. This blend of inviting communal spaces and proximity to area attractions integrates a dynamic and connected lifestyle.
Generating Value with Amenities
Amenities are key to drawing in residents and elevating their experience. High-end amenities, such as fitness centers and resort-style pools, improve the perceived value of the property and allow the owners to command up to 28% higher rental rates.3
With several multifamily developments around Lake Carolyn, 880 Lyn’s design strategically positions the community to stand out from its neighbors. The amenities are central to its appeal, catering to diverse lifestyles with features like a sports bar, wine tasting lounge, a two-story, top-of-the-line fitness center and a resort-style pool. Lake-level amenities include a demonstration kitchen, a game room and a private party suite complete with a kitchen, living room and dining room seating 14 guests. For residents who work remotely, the community offers a business center, coworking spaces and a conference room. With its valuable offerings, 880 Lyn’s residents have everything they need within reach.
880 Lyn sets the standard for exceptional living experiences and secure economic value in today’s market. Are you ready to take your multifamily project to the next level? At REES, we partner with clients to design communities that meet demands and maximize investment returns. Let us help you shape the future of your property. Learn more about our multifamily projects by clicking here.
Sources
1 “2023 Resident Experience Management Report”, Zego, September 2023, https://www.gozego.com/wp-content/uploads/2023/09/2023-Resident-Experience-Management-Report-Zego-eBook.pdf”
2 “2021 Top Drivers for Value”, SatisFacts, April 7, 2021, https://www.satisfacts.com/2021-top-drivers-for-value/.
3 Whitaker, Carl, “Class A Apartments Commanding 28% Premium Over Class B Prices”, RealPage, March 14, 2023, https://www.realpage.com/analytics/class-a-rents-commanding-28-percent-premium-over-class-b-prices/.