The Larson Lease-up
The Larson Apartments, an 80-unit Lease-up in University Place, was Edison47’s first true 3-party management project. Our many years of experience working closely with contractors, architects, and designers throughout the building process enabled us to jump right in and do what we do best. Reviewing everything from access control to interior design, we helped ownership create the best possible product for their residents along with the best returns.
Show Me the Numbers
Edison47’s original proforma for the Larson was $2.45 per sq ft, but after getting to know the immediate comps and the overall market, we saw a large opportunity for income growth. We felt strongly about the value of our product and the unmatched quality of our customer service.
Not only did the Larson stabilize in just six months, but we were also able to achieve $2.75 per sq ft. which translates into $116,000 in additional income. We also successfully grew our parking revenue from $65 per space to $112 on average, creating an additional $22,000 in revenue monthly.
Edison47 also renegotiated contracts with vendors, reducing our monthly expenses by 10%. With these initiatives, we were able to exceed our NOI by 15% in 2022.
Virtual leasing and tech initiatives drove our property to be pre-leased at 30% prior to opening day.
Throughout the COVID pandemic, we continued to utilize our in-house Matterport virtual tours, FaceTime Tours, and virtual leasing practices. Our ability to embrace technology meant we didn’t miss a beat during the construction process, staying communicative with prospects. We used construction progress updates and walk through tours to build excitement and anticipation for the completion of the community.
Upon stabilization of the building, we had several oversized storage rooms with beautiful oversized windows. With input from our residents, we converted one into the perfect work-from home space, another into a yoga studio and the latest into a theater/game room. Allowing our residents’ voices to be heard makes them feel invested in their own community and has proven to be great for retention!
We have maximized every inch of the property to create a unique resident experience at The Larson.
From morning workouts in one of our multiple fitness studios, with hosted yoga classes. To afternoon meetings in the office flex space. To a chef-worthy resident lounge kitchen home to cooking classes aimed at creating easy, affordable meals. Our residents can garnish their meal with herbs from our rooftop garden, grab a beverage and a board game, and enjoy the sunset view. The resident experience at The Larson is unparalleled.
The Larson is honored to be a finalist for Best New Development of the Year, Washington Multifamily Housing Association, Emerald Awards, 2023
The Larson was also a finalist for Multi-Family Residential Development of the Year, NAIOP 2022
The successful lease-up of The Larson has since led the ownership to entrust Edison47 with the management of multiple additional assets.