December 24, 2015

Tips, Bits & Lists: Day 9

On the 9th day of tips, bits & lists, we feature types of multifamily apartment properties (containing five or more units).

One way to define a property type is by its physical structure.

  1. Walk-up – A four- to six-story building – you guessed it – without an elevator
  2. Garden-style – A one-, two-, or three-story apartment development built in a garden-like setting in a suburban, rural, or urban location; buildings may or may not have elevators
  3. Mid-rise – A multi-story building with an elevator, typically in an urban area
  4. High-rise – A building with nine or more floors and at least one elevator
  5. Manufactured housing community – A community in which the operator leases ground sites to owners of manufactured homes

Another way: By the population segment that it's intended for, whatever the property's structure.

  1. Workforce housing – Affordable to households earning area median income or less, such as teachers, nurses, firefighters, and others who play vital roles in our communities
  2. Seniors housing – Dedicated to housing older adults; includes independent living, assisted living, memory care, skilled nursing, and continuing care retirement communities
  3. Student housing – At least half of the units go to students attending a nearby higher-education institution
  4. Subsidized housing – Caters to renters with low incomes or special needs and is made affordable by rent and income restrictions; involves federal, state, or county government assistance

Read other posts in this series and stay tuned for the next 3 days of tips, bits & lists.

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