Webster Square Apartments
Jan 9th, 2015


@properties oversaw leasing for a new, 75-unit apartment community in Lincoln Park — achieving stabilization in 6 months with very limited marketing expenditure.

Location: 558 W. Webster, Lincoln Park
Developer: Sandz Development Co., Inc.
Total # of Units: 75
Price Range: $3.10 per square foot
Current status: Stabilized

Challenge

Webster Square Apartments is one component of a master-planned development involving the adaptive reuse of the former Lincoln Park Hospital. The entire project includes 75 rental units, 96 condominiums, 35,000 s.f. of retail/office space and a 255-car parking garage. The apartments are self-managed by the developer, who has a full-time property management staff of one. @properties, which is also conducting condominium sales and commercial leasing for the project, was hired to lease the apartments. Pre-leasing began three months prior to occupancy, with no access to the building, during one of the coldest Chicago winters on record.

Solution

  • Established a temporary marketing center in a trailer on site
  • Shot photography from the building rooftop during the previous summer to highlight one of the property’s most unique – and most unexpected – features: panoramic views of the city skyline. Displayed views on video and static displays in the trailer and on the website
  • Installed on-site signage to take advantage of prime Lincoln Park location and maximize walk-in traffic
  • Marketed through enhanced listings on Apartment Listing Sites, direct to apartment locators and internally to @properties’ 1,500 brokers

Results

  • Achieved 93% occupancy in 6 months
  • 45% of leases were the result of walk-in traffic or online leads resulting in tens of thousands of dollars in co-op commission savings
  • Average rent upon stabilization was $3.10 PSF, $.25 PSF above target rents

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