That's pretty solid leasing. Apartments intentionally like to sort of taper their lease ups so that when 12 month leases end, they don't all end at the same time and you get a lot of folks moving out at once.
As long as the building gets to 90% lease up in 9 months after official opening, I'd say it's successful and that the local apartment sub-market is strong.
We also have to remember this building opened during the fall season...not a great time of the year for people moving so again I think 20% lease up in 2 months during this time of the year is great. They should expect leasing to accelerate by March. I'd estimate 90% lease up by July 2017.
I'm not a fan of the balconies that stick out so much, they could've built them inwards.
"They" could have. However, keep in mind that the cost increases because there is a lot more exterior wall (the two new enclosed sides) while the unit rentable square footage decreases. To a developer, increasing cost while decreasing rent is a no-go proposition. Also the recessed balconies decrease view (but increase privacy and comfort). The "they" you refer to are the Developers, who make those decisions. Architects like us must give the Owners (Developers) what they calculate fits their pro-forma in the design. Our role in the majority of cases is to work with what is left to make it safe, functional, and attractive. Contractors (who are the ones who "build" the project) must follow what is on the Contract Documents and do not make changes.
Last edited by RGA; Dec 16, 2016 at 1:04 PM.
Reason: explained in more detail
Azure on the Park is complete, and it is no longer ours, but yours. Enjoy! Now, to find new opportunities to add to our City... thanks all for looking here!
That's pretty solid leasing. Apartments intentionally like to sort of taper their lease ups so that when 12 month leases end, they don't all end at the same time and you get a lot of folks moving out at once.
As long as the building gets to 90% lease up in 9 months after official opening, I'd say it's successful and that the local apartment sub-market is strong.
We also have to remember this building opened during the fall season...not a great time of the year for people moving so again I think 20% lease up in 2 months during this time of the year is great. They should expect leasing to accelerate by March. I'd estimate 90% lease up by July 2017.
Azure is 329 units. That means they leased something like 65 units within 60 days, but those were mostly people being converted that had shown interest in the project before hand / sign pre-leases. To get to 90% in 9 months they'd have to lease ~ 33 units a month. No way that happens. A project this large is probably looking at an 18 month lease up pace to stabilize (~95%), which would indicate a ~19 unit / month lease up pace. That is still ambitious, but not impossible given the site location and if they're offering concessions.
If you call their leasing office they would be very happy to conduct a tour! They held hard-hat tours while the building was still under construction and they are very publicity-aware, so having a website such as this one, with its positive outlook on high-rise development (and, in this town, that is very rare!) would be a great opportunity for them. I don't know the Leasing Team very well, having interacted with the Development Team at the Owners', Atlantic Realty Partners. It is the Leasing Team that would hold the tours, but they can be contacted at the Leasing Office in the building or through their Facebook page. If you need to contact anyone in the Development Team I would recommend calling for Mitzi Jones, at ARP's office; she may already be on another project, but she would know who to contact for a tour.