Setting the Bar High for Average Rent — and Exceeding the Goal
- Broadstone West 18th
- 304 Units
- Property Type: Mid-Rise
- Year Built: 2006
Alliance developed Houston, Texas-based Broadstone West 18th in 2006. Located in the West Inner Loop, the apartment homes offer a “soft loft” design with an urban feel. Premiums are placed on open and efficient spaces, clean lines, natural decorative materials and high-quality finishes.
The Goal: Lease up and stabilize the property, with the ultimate intent of achieving the average proforma rent — which was projected at $1,227 per unit ($1.39 per square foot).
The Work: Broadstone West 18th began leasing in April 2007 and accepted its first occupants the following month. The response was impressive — more than 240 leases were signed in the first four months of lease-up, which averages out to more than 60 leases per month. Due to the synchronized execution of strategic marketing efforts during the lease-up phase, the community’s leasing velocity allowed Broadstone West 18th to achieve 95-percent stabilization within eight months of opening.
The Results: Despite the fact that average market rents were only $659 per unit at the time the property stabilized, Broadstone West 18th was achieving an average of $1,293 per unit ($1.46 per square foot), exceeding the proforma rent by more than five percent.