Lots of Updates for Legacy Creek in June:

3541 126th Ave NE and 3548 127th Ave NE are SOLD!!!    Stay tuned for updates on our two newest models currently under construction - the Tucson and Phoenix!

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Multifamily permit activity has been unpredictable, rising 17% one month and then falling 8% the next. An analysis of year-wide 2010 permit data shows where 2011 development activity is likely to be concentrated. The Twin Cities area is ranked in the top 20 for projected apartment construction.

Based on sharp permit increases in many major markets, the rise in demographically favored multifamily construction may be imminent. Some of the greatest growth for households within the U.S. over the next ten years will be in the 25 to 34 age group that’s more likely to rent apartments. On the other hand, multifamily construction has been so depressed that an increase in activity isn’t really a surprise.

Marcus & Millichap, a research and brokerage firm, forecasts that vacancies and rents will increase in 44 apartment markets in 2010. The firm says that years of very light construction activity has made apartments scarce, allowing landlords to charge higher rents and helping owners recover lost value in their apartment portfolios.

Its not that easy just to build new multi-family dwellings, though. Owners and developers constantly weigh the cost of building new apartments against buying older buildings and remodeling them, or even refurbishing in their current buildings to justify raising rents. The availability of financing is another critical component in decisions to develop new apartments.

Metro areas on the coasts such as New York City, Los Angeles, Seattle and Washington, D.C. are in the top 10 multi-family residential development hot spots in 2011. Activity is also picking up in other traditionally large apartment markets with strong business centers such as Houston, Dallas and Chicago. The Minneapolis – St. Paul Twin Cities area was ranked at #14, with 1,921 permits, an increase of 85%.

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913 104th Lane NE is sheetrocked and ready for painting!

Blaine Haven | 913 104th Lane NE | Exterior View

Blaine Haven | 913 104th Lane NE | Great Room

Blaine Haven | 913 104th Lane NE | Kitchen

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The Brockton III is in the finishing stages. Completion will be the end of February.

Legacy Creek | 3500 127th Ave NE | Exterior View

Legacy Creek | 3500 127th Ave NE | Living Room & Fireplace

Legacy Creek | 3500 127th Ave NE | Stairway

Legacy Creek | 3500 127th Ave NE | Detail

Legacy Creek | 3500 127th Ave NE | Bathroom

Legacy Creek | 3500 127th Ave NE | Detail

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The Brockton is sheetrocked and ready for paint!  Completion will be the end of January/Early Feb

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