Case Studies: Property Management

Aura at Towne Place, Chesapeake, VA

Aura Towne Place is a 215 unit Luxury Apartment community within Towne Place at Greenbrier. Towne Place at Greenbrier is an existing 78,000 sq ft specialty retail development consisting of upscale shops and restaurants, such as Jos A Bank, Jason’s, Deli, Chicos, and Surf Rider. Bonaventure designed the 4-story buildings to fit in with the existing retail. Bonaventure created a successful business plan that determined rents, competitive analysis, unit models, marketing materials and a marketing campaign which together produced an excellent lease-up pace of 20 units per month. Leasing began in June 2012 and we completed by March 2013.

Challenges

  • There were no comparable properties in the Chesapeake area with a mixed-use lifestyle center, so pricing our units was a challenge.
  • Proforma rents were to achieve the highest rents in the market.
  • Selling the brand and personality was essential to the success of Aura.
  • Three other new competitors were in leasing and pre-leasing phase, so there was urgency in achieving a stabilized occupancy before a leasing conflict ensued in the sub-market. This sparked the need to complete lease up quickly without sacrificing rates.

Solutions

  • Creating the brand and personality that enticed the renter to envision themselves living there.
  • Mobilized a temporary leasing office, hired and train on-site staff, and put emergency and maintenance procedures in place.
  • Pre-lease activities included hanging construction banners and teaser traffic signs, and hosting a grand opening party. With detailed market studies, a cutting edge marketing campaign, and a customer service focused property staff, Bonaventure was able to fully lease-up the building under a year
  • Bonaventure’s signature customer service combined with ongoing promotion and a quality resident retention program resulted in a successful lease-up.
  • Leased an average of 20 units per month and reached 95% occupied in less than a year.