A real estate and hotel developer with ties to NFL Hall of Fame quarterback Peyton Manning is launching an apartment brand that taps into an increasing trend of blurring the lines between hotels and multifamily.
AJ Capital Partners, based in Nashville, Tennessee, said Memoir Residential will combine design elements used in the lobbies of its Graduate Hotels with its apartment projects that include flexible leasing options. The first one is set to open in Portland, Oregon, this fall with 132 units as others are planned for Nashville, New Orleans, Miami and Austin, Texas. Cooper Manning, Peyton's older brother, is the senior managing director of investor relations for AJ Capital Partners.
Apartment lobby areas will be tailored to local neighborhoods in the same way AJ Capital Partners has done with hotels to create a living room feel. Each property will have furnished units for renters using its flexible leasing option, which has a minimum of 15 days. Memoir Residential apartments will also include traditional long-term leases for unfurnished units.
“We are taking the same approach we use for hotels, mixed-used communities, and entertainment venues — leading with hospitality-minded principles and history,” Anil Bhagat, Memoir Residential’s managing director, said in a statement. “Our goal is to craft intentional spaces that people want to spend time in and also seamlessly blend into the existing fabric of a neighborhood.”
AJ Capital Partners started buying and renovating hotels in college towns under the Graduate Hotels brand nine years ago. The firm now has more than 30 hotels, including boutique hotels, and has branched out into mixed-use developments such as Nashville Warehouse Co. that includes a mix of apartments and office space. It entered the build-to-rent business in February.
With Memoir Residential, AJ Capital Partners is entering a competitive fray of a growing list of companies offering flexible leasing options. They target digital nomads and corporate travelers on assignment seeking lease terms that are shorter than the traditional 12-month lease and allow mobility between properties.
Companies like Sentral, Landing and Blueground are among the biggest names in the flexible leasing apartment business.
New apartment developments have been including more hospitality elements in lobby designs and amenities over the past several years as apartment development has boomed. Much of the focus has been on creating lobbies that encourage renters to linger and socialize. Cafes and game rooms have become central features.