Growing Multifamily Demand Has Sparked A Renovation Arms Race Among Property Owners

Growing Multifamily Demand Has Sparked A Renovation Arms Race Among Property Owners

Value-add is not just for fixer-uppers anymore. To stay competitive with new units coming to the market, many recently built multifamily properties have fast-tracked renovations, adding everything from modern kitchens to state-of-the-art fitness facilities. This is not a matter of keeping the property up-to-date; it is about keeping vacancies as low as possible. Adivo Construction, a general contractor with local teams across the U.S., is knee-deep in the amenities arms race. Adivo focuses only on multifamily renovation, specializing in unit interiors; clubhouse, leasing office and fitness center remodels; and exterior paint and roofing. The first two are where the company sees a growing interest. In late 2015, Adivo was brought on to handle a multimillion-dollar rehab job at the Residences at the Domain in Austin.