Primestone Residential, LLC (”Primestone”) is a privately-held, real estate investment, and development services company specializing in land acquisition for the development of institutional-quality, built-for-rent multi-family, and mixed-use communities.
The principals of Primestone have decades of experience going back to 1982 in owning, developing, and managing Class-A multi-family residential, office, industrial, retail, and hospitality real estate assets.
Consumers have profoundly altered how they interpret the American Dream, no longer is it necessary to own a home to achieve this dream. Consumers are altering how they live; Baby Boomers are maintenance averse and millennials do not want to be tied down to a mortgage.
Built-for-rent communities feel like an apartment and live like a home. BFR communities have gained popularity since 2008 and are projected to continue to outperform traditional, transitory, garden-style multifamily projects over the next 10 years. These communities provide the best-in-class amenities, convenience, privacy, and a neighborhood feel that apartments cannot provide.
Most existing projects have significant acreage dedicated to on-grade parking occupying the middle of the sites. The remainder of the sites has consolidated parking at the perimeter, but with the first impression of acres of on-grade parking. Our takeaway is the market will prefer secure parking attached to each apartment. Therefore, we have designed direct access two-car garages without compromising green space and walkability outside your front door all the while preserving the architecture.
Most competitor site plans do not promote walking for exercise. The baby boomer and millennial demographics enjoy walking, jogging, and biking for exercise and socialization. Most competitor projects do not address this imperative issue. The small open spaces that have been provided by competitor projects are inadequate to separate buildings in a meaningful way and do not promote the perception of a community. Our takeaway is that the market will gravitate to the community with landscaped “garden courtyards” shared by two, four, six, and eight-plex buildings, which will be visually pleasing and will create areas that promote social interaction and walkability throughout each community.
The typical 3-story “walk-up” building type is inconvenient and dysfunctional. Implementing single-story architecture that appears more like, and feels like, a single-family home will communicate to our target demographic that our communities are not traditional, generic apartments, but rather your future home and community.
Most competitor units are absent of any meaningful indoor-outdoor relationship which can be accomplished using expansive glazing systems (windows, sliding glass doors), front porches, patios, and/or balconies that are extensions of this spatial relationship and further promote / “play off” the communal courtyard concept. We will focus on and embrace the opportunity for indoor-outdoor relationships in our communities promoting and resulting in a healthier lifestyle and community.
120 North LaSalle Street Suite 3200, Chicago, IL 60602
