Sunday, February 8, 2009

Downtown Ann Arbor loft apartments raising the bar for price and quality

Article at Freep.com today about the housing options for students in Downtown Ann Arbor 4 Eleven Lofts and Zaragon Place and how they are priced about the same as the dorms. New housing options for students raising the bar for quality and affordability of student housing and Ann Arbor real estate.

Form Freep.com: "Students don't want to have to get together and combine their parents' old furniture," Bronstein said. "The whole concept involves the most convenience and the least hassle. They don't even need to call a utility."

The lofts already have sold out of the nine single and nine double apartments, but have leases available for three-, four- and five-resident units.

Bronstein, who received his undergraduate and law degrees from Michigan, said he and his brother Rob Bronstein, Scion's president, spent many years living in Ann Arbor while earning their degrees and saw a need for new housing options.

"Ann Arbor for years and years has been an expensive housing market and the quality has not been up to the price," Eric Bronstein said on a recent tour of 4 Eleven Lofts.

And while the overall real estate market is in dire condition, there is growth on college campuses created as the children of baby boomers start their higher education, Bronstein said.

"I think this private dormitory is the wave of the future for college students," Porter said. "The university dorms are really going to have to step it up. These new apartments cost about the same amount of money."

Landlords of downtwon Ann Arbor rental homes will have to step it up too, or plan on leasing out at a lower cost for those who don't want to pay the high price of a new high rise dorm alternative.

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