Carroll at Bellemeade (Baby) Booming

The Triad Business Journal has a story about Greensboro’s newest downtown apartment community, Carroll at Bellemeade, and how it is attracting more Baby Boomers than you’d expect. From the article:

Carroll at Bellemeade tenants all won’t be millennials, a.k.a. young professionals. In fact, millennials might be in the minority, according to Carroll, who told Triad Business Journal that baby boomers have shown more interest as the project approaches an anticipated early 2018 opening.

The apartments at Carroll at Bellemeade will range from 679 square feet to 1,403 square feet with monthly rent ranging from about $1,000 to about $1,800.

“Seventy percent of the people who have inquired about Carroll at Bellemeade are older than me,” the 54-year-old Carroll told Triad Business Journal. “They like the idea that it’s going to be gated parking and convenient to things downtown. It’s a rental. When they get to the end of the lease term, they can do whatever.”

That supports a trend that’s been developing in the apartment world over the past couple of years: empty nesters opting for the convenience (or necessity) of apartment rental living, and living shoulder to shoulder with folks their kids’ age or younger.

Mr. Carroll ends with this observation: “We love the empty-nesters,” he said. “They’ll stay there as long as they enjoy it and as long as we treat them right — they won’t leave for a $10-a-month rent increase.”