As we eye the end of the year through the lens of a rapidly closing fourth quarter, we reflect on another exciting year in property management for the Edison47 team. 2023 proved to be a year of overcoming challenges, learning from our previous successes and continuing to educate and prepare our teams for the industry changes ahead.

LEASE UP

Edison47 brought to market and stabilized three new lease-ups this year! After weathering multiple delays due to the lingering effects of the pandemic on supply chains we opened Telka Apartments (148 units) in Silverdale, WA, The Sinclair Apartments phase 2 (69 units) in Port Orchard, WA and Proctor Flats (95 units) in Tacoma, WA. All three projects exceeded not only leasing velocity expectations but also income projections.

WHAT A YEAR!

This year also saw an expansion of our third-party management portfolio. Edison47 brought in two additional third-party assets. Echoing our philosophy of controlled growth and desire for mutually beneficial partnerships, we welcomed two exciting Seattle properties to the Edison47 family. Ruth Court and Uptown Queen Anne have joined our Seattle portfolio of properties. We look forward to building on our successful foundation in the Seattle market.

CONSULTING

The myriad of economic challenges facing developers may be daunting, however Edison47 has benefited from years of successfully navigating the nuances. This year we forged multiple new consulting relationships with clients at various stages of development. Spanning the Puget sound, these developers are poised to bring some very exciting projects to market in the coming months and years.

INTROSPECTION

It’s easy to get caught up in the day-to-day meetings, events, and controlled chaos our industry brings; it takes effort to maintain the best experience for our clients; both those who own the communities we manage and those who chose to live there. To that end, we launched a corporate-led resident survey seeking to ensure that we are upholding that expectation. Survey questions ranged from experience with the Office teams, Maintenance teams and the resident facing systems we employ to handle all facets of the resident experience.

The survey was designed to be anonymous to allow residents to respond and detail concerns in a safe environment. To say we are proud of our teams is an understatement, survey results were overwhelmingly positive, with leasing/office satisfaction ranking as Excellent (46%), Above Average (24%) and Average (21%). Property maintenance satisfaction was equally impressive with respondents ranking our teams as Excellent (47%), Above Average (26%) and Average (21%). The data confirms what we have believed all along; our people make the difference.

LOOKING TO 2024

Edison47 has some exciting projects delivering in 2024.

The Hue (93 units)

Located in Redmond, WA, The Hue will be an exciting addition to the Redmond multi-family market. Located at 8460 164th Ave NE, the Hue will provide residents with upscale finishes, thoughtful amenities, and a great location. Estimated completion 3/24

Pottery Creek Phase 2 (192 units)

Building on the success of Pottery Creek phase 1 (136 units) our second phase (192 units) brings an expansive clubhouse, exciting fitness amenities and pool. Located at 2102 SE Sedgwick Rd, our Pottery Creek project is close to multiple commuter solutions, dining and shopping opportunities and the Port Orchard waterfront. Estimated completion 10/24