The 5 hottest neighborhoods for multifamily development | Dump Trucks Charlotte NC

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Over 1.2 million new apartment units opened across the country between 2018 and 2022 — a record-high period for new supply growth. Some areas have seen a greater share of this growth than others by drawing in new residents, who drive demand for multifamily development.

Even specific neighborhoods can become a hotbed of renter interest for a variety of reasons, including a new attraction or workplace moving in nearby, vibrant culture or retail locales and access to public transit.

Here, Multifamily Dive highlights some of the most active areas for new multifamily development in the country over the past several years, based on RentCafe’s recent ranking of ZIP codes by new apartment construction. Check out a few of the hottest neighborhoods at the center of the country’s fastest-growing multifamily destinations.

NoMa

ZIP codes: 20002, 20003
Total apartments: 30,853
Location: Washington, D.C.

The two top neighborhoods for multifamily development in the last few years are both on the east side of the nation’s capital and encompass multiple high-growth neighborhoods — including NoMa and the H Street Corridor to the north and Capitol Hill to the south.

NoMa’s numerous luxury apartment buildings are served by two of the city’s Metro stations, including the Union Station transit hub. Well over half of its residents are between the ages of 18 and 34, and 95% have a college degree or higher level of education, according to the NoMa Business Improvement District.

Among the newest openings in NoMa is Washington-based developer Monument Realty’s SoNYa, which opened in May. The 321-unit building is located within two blocks of the NoMa-Gallaudet metro station and features a colorful facade with an exterior mural by artist Emmanuel Jarus. Monument Realty is currently in pre-development on another multifamily property next door, and has more developments in mind for the immediate area in the future, according to a columbus oh dump truck company spokesperson.

Long Island City

ZIP code: 11101
Total apartments: 16,712
Location: Queens, New York

Once a manufacturing hub, Long Island City’s East River location, easy access to Manhattan for commuters and mix of affordable and luxury housing play a role in its recent growth among renters and developers alike, according to RentCafe. 

This Queens neighborhood has seen over 7,000 new apartments since 2018. Local attractions include a variety of multicultural restaurants and nightlife spots, an affiliate of the Museum of Modern Art, and waterfront green spaces at Gantry Plaza State Park and Hunters Point South Park.

Recent projects in Long Island City include the first of two multifamily towers at Gotham Point — a mixed-use property by New York-based developer Gotham that opened in September on the East River waterfront. The Gotham Point North Tower includes 692 of the development’s projected 1,132 units, 75% of which are designated as affordable, as well as a publicly accessible rooftop farm, according to the developer’s website.

The Gulch

ZIP code: 37203
Total apartments in 2022: 13,852
Location: Nashville

Once a sparsely populated rail yard, the Gulch mixed-use neighborhood and business improvement district was created by Nashville developer MarketStreet in the mid-2000s, according to The Gulch’s website.

The high-end neighborhood is located on the edge of Nashville’s central business district, dotted with boutique businesses, nightlife spots and art installations. Many of its new commercial and residential developments are LEED-certified, and the entire 110-acre area achieved LEED-Silver certification in 2009.

One of the newest downtown properties is Albion in the Gulch, a 415-unit tower by Albion Residential that opened in mid-September. The $140 million development sports high-end finishes, a rooftop pool and bar, a clubhouse with a performance stage and two-story townhome units on the fourth and 20th floors. 

Frisco Square

ZIP code: 75034
Total apartments in 2022: 14,315
Location: Frisco, Texas

The Frisco Square master-planned community, which covers 147 acres of the Dallas suburb, has been in continuous development since the mid-2000s. Described on its website as a multigenerational community geared to families, Frisco Square is expected to encompass up to 4.4 million square feet of developed space, including offices, shops and restaurants, museums and cultural destinations, and the Toyota Stadium soccer venue.

Boca Raton, Florida-based Mill Creek Residential is the latest residential developer to join the site, opening 360 units at Modera Frisco Square in July, according to Yardi data. Located in the south section of the neighborhood, the property is within a mile of Frisco’s historic downtown and includes 31 townhomes with private garages in its rental offerings, according to the property website.

Arizona State University

ZIP code: 85281
Total apartments in 2022: 20,263
Location: Tempe, Arizona

Arizona State University’s Tempe campus is the focal point of new development in this area, with the University Heights residential area extending to the east. Up north in downtown Tempe, students and other residents can find shops and restaurants on palm-tree-lined streets, as well as the Tempe Center for the Arts, located near the Salt River’s beachfront and boat rentals.

The area is home to both purpose-built student housing developments — such as Core’s oLiv Tempe, which opened in 2020 — and standard apartments. Smith & Rio, a traditional apartment property built by Dallas-based HighStreet Residential, opened in August at the far end of University Heights. The property touts its proximity to shopping and dining, as well as nightlife destinations on Mill Avenue.