REITs in the Community
Avalon Bowery Place
What used to be the definition of urban blight best known for the location of (rock club) CBGBs, the Bowery District has become one of New York City’s hottest addresses. The turning point came with the success of Avalon Bowery Place, a nine-story luxury rental building at the northeast corner of Bowery and Houston. The Avalon opened in 2008, on the heels of Whole Foods, on the south side of Houston. The changes to the community ushered in by the development of Avalon Bowery Place helped restore the area.
Manzanita Hall at Arizona State University
On-campus living has come a long way from what many of us experienced during college, thanks in part to student housing REITs. In 2013, American Campus Communities redeveloped a 45-year old Arizona State University campus icon, Manzanita Hall, honoring the residence hall’s original mid-century aesthetic value while providing modern student living accommodations. The on-campus residence, originally built in 1967, includes 241 units accommodating 816 students.