Midtown 24 APARTMENTS – RENT MAXIMIZATION
|Location||700 SW 78th Avenue Plantation, FL 33324|
|# of Units||251|
|Principals||American Land – Granvil Tracy, President|
|Investment Partner||Jeff Tapley, Fidelity Investments|
- Poor economic conditions created consumer fear and price resistance.
- Concession driven market
- Abundance of supply from shadow market
|The Solution||The project design introduced the Residential Village living concept to Plantation, an exciting first for the area, resulting in our ability to command higher rents despite market conditions.|
ALV maintained senior level supervision onsite throughout the lease-up. First in the market to create additional value through the introduction of interactive electronic marketing mediums and amenity space activation that was unique to the industry.
Developed a loyal resident base through our personalized and highly responsive management approach and by fostering strong bonds between residents through regular resident functions, group classes and gatherings both on and off site.
|The Results||RENT MAXIMIZATION: Midtown 24 led the market at $1.74 net effective rents compared to the competitive set average of $1.54 per ft. and achieved 9% renewal increases, the highest in the market.|