Some would say that millennials and baby boomers have very little in common. But, as it turns out, many people in both these groups want to live in the same place: downtown. The lure of urban living—and renting—has been growing stronger for millennials and baby boomers in cities across the country, including in our own Lehigh Valley.
According to Business Insider, “Millennials continue to move to cities in droves, as jobs and services tailored to their needs move in right beside them. The generation that prefers Uber to their own cars and Airbnb to hotels is also willing to trade the American dream of owning a home for the thrills of city life.”
While millennials may be drawn to cities in order to have the world at their fingertips, many baby boomers are attracted to urban apartments because they want to downsize—and never mow a lawn or shovel snow again.
In its Emerging Trends in Real Estate report for 2017, the Urban Land Institute states, “Empty-nester baby boomers have been increasingly interested in luxury urban apartments, in some cases outpacing the millennials.”
Downtown Allentown has seen evidence of both groups seeking upscale apartments in the newly revitalized city. Just three months after opening its doors in July 2015, City Center Lehigh Valley's STRATA West building had leased all 170 of its apartments. The real estate developer is currently constructing 138 more residential units in its STRATA East and STRATA Symphony buildings to meet the strong demand. STRATA East, which is opening in May 2017, is already 43 percent leased.
“The incredible demand we've seen for STRATA units tells us that we can't build apartments in Downtown Allentown fast enough,” says City Center President J.B. Reilly. “Even though STRATA was designed more for the millennial market, we have seen a lot of interest from empty nesters.”
While different in age, millennials and baby boomers are looking for a lot of the same things in a neighborhood, namely, excitement right outside their door. STRATA Flats are just steps from PPL Center, the Renaissance Allentown Hotel, The Shops at City Center, a wide variety of great new restaurants and bars, arts venues and much more.
“Our residents love living on the ArtsWalk in the heart of Downtown Allentown's new, fun and exciting environment,” says STRATA Community Manager Robert Fox.
Urban renters are drawn not just to walkable, live-work-play neighborhoods but also to first-class amenities. As a result, the 100,000-square-foot STRATA East will include much more than just one- and two-bedroom units. The pet-friendly building will feature a 2,750-square-foot private dog park, a dog wash, a theater room and a game room. The building's residents will also have access to the amenities next door at STRATA West, which include a rooftop deck with a grill and a fire pit, a fitness center, a green courtyard, a resident lounge with shuffleboard and pool tables, and more.
STRATA West resident Claire Ippoliti loves the STRATA community, and says, “The restaurants, art and numerous events are just out your front door. Want to hang in? You can relax in the lounge, enjoy the view from the rooftop or get a quick workout in at the gym. I could not be happier with STRATA and the city living it affords. I have met many new friends from all walks of life."
Both millennials and baby boomers are seeking apartments with high-end finishes and professional services. STRATA East's units will feature nine-foot ceilings, oversized windows, granite kitchen and bathroom counters, stainless steel Energy Star® appliances, full-sized stackable washers and dryers and city- or courtyard-view terraces. STRATA properties also offer onsite professional management, maintenance and concierge services.
For more information, contact the STRATA team at 610.841.CITY (2489) or STRATA@landmarkcommunities.com, or visit stratalife.cc.
