Last month, Elion’s Director of Investor Relations and Business Development Kaylee McCall Correa spoke at the Women’s Alternative Investment Summit in New York on a panel titled “The Shifting Demands of Millennials and Baby Boomers; What it Means for City Centers, the Burbs, and the Housing Sector.” Kaylee was joined by panelists from Bridge Investment Group, Brookfield Asset Management, AEW Capital Management, and GreenOak Real Estate. The discussion centered around differences and similarities between generations, and how these trends are shaping not only the housing sector, but infrastructure and retail within the real estate market.
One of the many similarities seen across generations is the focus on convenience and amenities. Elion’s multifamily strategy includes aspects of mixed-use development, to offer accessible lifestyle features close to home for tenants. The need for multifamily will continue to increase as the U.S. Census Bureau estimates show that the number of families with children living in rentals has increased by 1.9 million over the past 10 years, and the number of families owning a home has decreased by 3.6 million.
In the past nine months, Elion Partners has acquired three multifamily buildings that support these increasingly important trends. In June, Elion acquired two apartment buildings with 67 units on the Upper West Side of New York City. The ground floor includes stores occupied by Bank of America, Dunkin’ Donuts, and Paris Baguette. In October, Elion completed an additional acquisition, acquiring eight adjacent buildings in New York City comprised of 102 multifamily units and 10 ground floor retail units. Known as the 8th Avenue Chelsea Collection (“The Chelsea Collection”), this full-block property is located in Manhattan’s desirable Chelsea neighborhood, directly across from Google’s New York Headquarters. The proximity to large scale employers, transportation, and lifestyle retail and wellness amenities position these properties for success and underscore Elion’s agenda-setting strategy.