“It’s not just a flat, crammed-in property. It’s a very nice outdoor feel.”
That’s one of the reasons developer Rick Cavenaugh thinks people are interested in the new Savannah at Waterford Village Apartments on Grand Rapids’ west side.
“There’s been a trend in the multi-family industry over the last 7-8 years that instead of building more vertical product, is to go a little bit more horizontal.”
Meaning instead of high-rise apartments downtown, Stoneleigh Companies built a complex of one-story apartments that feel more like single-family homes in a neighborhood with parks, ponds and gardens. The project is attracting slightly older renters than first expected: people who sold their homes and want to stay in the community but don’t want the hassles of owning a property.
“I think that’s going to attract the young professional, 20-30’s, maybe a little Gen Z and towards the Baby Boomer-side overall.”
“That’s a group that surprised us.”
Savannah has 250 units off Lake Michigan Drive with rates from $1600 to 2,900 a month in a 52-acre community with a putting green, walking and bike paths, and community areas for fitness and entertaining.
“You’re going to see a shift for people who move from single-family to rental, and this is a perfect opportunity for them, lifestyle-wise.”
