I liked this article from the Revue & News the other day about the residential development at Avalon. It was written like your standard economic development fluff piece they are so experienced in writing. But there are some interesting tidbits tucked away in the story.
First, only about a third of the apartments at Avalon have been rented. That came as a bit of a surprise to me considering how awesome North American Properties billed them. During the phase two proposal they talked of “unprecedented demand” for the apartments and long waiting lists.
The more interesting part of the article is the average resident age. An anonymous source reported to me that the average age of the Avalon renter was pushing 50 years old. The Revue & News article seems to confirms this citing an average in the mid to high 40′s.
Where are the throngs of millennials?
Remember that we have to build these dense mixed use developments to attract them, right? Alpharetta will die if they don’t move here and millennials don’t like the tired old suburban life we have. They will never buy a house or have children so we have to build apartments, apartments and MORE APARTMENTS! Apartments stacked on top of apartments!
Avalon is attracting rich empty-nesters. There’s nothing wrong with that as Avalon is very attractive to those who want to downsize yet still live the Robin Leach lifestyle.
So let’s call it what it is. Despite what you might hear during land use discussions, millennials are simply not moving to these developments in large numbers.