10-Month Lease-Up Outshines Competitors 16-Month Lease-Ups
- Broadstone Beach House
- 228 Units
- Property Type: Garden/Low-Rise
- Year Built: 2009
Alliance developed this 228-unit luxury apartment development in 2009. Located 12 blocks from the beach, Broadstone Beach House features an architectural and interior design that is consistent with the style commonly found in North Florida coastal communities (referred to as “Florida Cracker”).
The Goal: Lease up and stabilize the community during a down economy.
The Work: Due to the convenient access to high-paying Jacksonville jobs — via Atlantic Boulevard, Beach Boulevard and J. Turner Butler Boulevard — the target market was established to include busy professionals. Strategic marketing initiatives focused on appealing to the target demographic by showcasing the community’s appealing location and luxury amenities that inspire relaxation, including screened sitting porches, a large clubroom with lounge area for entertaining, a resort-style pool and a fitness facility.
The Results: Broadstone Beach House completed lease-up in 10 months — other comps that opened during the same timeframe took an average of 16 months to stabilize. Currently leasing at $1.17 per square foot and leading the market in concession reductions, the property achieved rent growth of 8.98 percent in 2011 and 9.3 percent in 2012, while the Jacksonville submarket saw only four-percent average rent growth.