Marcus Hiles - On the Suburban Luxury Apartments Driving the Housing Market

Mimicking the urban lifestyle with sophisticated amenities, suburban apartments have evolved, offering a lot more than their urban counterparts.

While many enjoy perks of upscale city life, however, the downsides of urban density are giving rise to a new trend of amenity-rich, luxury apartments in the suburbs. Marcus Hiles discusses the suburban luxury apartment trend with enthusiasm, well-versed in its growing popularity from a frontline perspective as a developer and businessman. Projecting that many prospective buyers would turn to rentals, when priced out of competitive, big city residences, Hiles foresaw the need. Aligned with the sentiment of a Forbes article that cites corporate moves to satellite cities as a job magnet for renters, the property mogul applied expertise and insight to create some of the most successful upscale apartment communities in suburban areas across Texas. Marcus Hiles' locations and planning proved spot on, anticipating the steep supply/demand curve that saw renters increase by seven million in a single decade from 2006 to 2016, according to REIT. Exhibiting the lowest vacancy rates in the past ten years, Fortune Magazine noted that, "Demand for suburban rental apartments has boomed while construction of those units have lagged behind."

Mimicking the urban lifestyle with sophisticated amenities, suburban apartments have evolved, offering a lot more than their urban counterparts. These attractive options deliver a sense of community and a luxurious feel, but come with a smaller price tag. The New York Times notes features like doormen, resort style pools and clubhouses, theaters, saltwater pools, saunas, and golf simulators are attractive lures, along with more expected details like gyms and banquet rooms. Additionally, many suburban developments come with a ready social circle and small but engaging business districts, often in walking distance to mass transit for an easy commute to urban centers. Hiles' communities, stocked with upscale details like tall windows, high-end materials, and outdoor recreation and entertaining spaces, are above and beyond those of market demand.

Looking at trends for 2017, Market Watch describes the blended urban/suburban lifestyle providing walkability, access to shopping and services, luxury features as "surban." The Urban Land Institute acknowledges that changes afoot in the suburban real estate market complement rather than detract from nearby urban centers. One look at the amenity list of Marcus Hiles' upscale communities confirms the 2017 multifamily trends outlined by Building Design + Construction, attributing the reemergence of suburban living to long term choice rather than short term solution.

An experienced businessman, developer, and philanthropist, Marcus Hiles founded Western Rim Property Services to create beautiful communities designed to inspire luxurious lifestyles at an affordable price. A graduate of Pepperdine and Rice Universities, Hiles has more than three decades invested in the industry, managing over 15,000 luxury style residential rentals in Texas' most desirable suburban neighborhoods. Committed to giving back, the property expert may best be known for his generous gifts, donating $2.5 million to public and private school programs, underwriting $13 million in tree-planting initiatives, and building two large churches, one in Texas and one in his home state of Massachusetts.

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