University Place Reboot
Situated in an enviable University Place location lie two anchors of south-sound multifamily living. Latitude 47 (170 residential units) rises directly within the district’s vibrant retail corridor, with shops and dining at its doorstep and lining the ground floor. Just across the square, Bridgeview 125 (125 residential units) mirrors the experience, surrounded by retail and anchored by its own dynamic amenities collection.
Despite their strong offerings, the communities were not achieving their full leasing potential, prompting ownership to seek a strategic solution. Edison47 assumed management of both communities in September of 2025. What we found was ownership dedicated to taking care of their residents, providing an excellent place to call home but struggling with the demands of leasing, marketing, follow-up and retention. Edison47 is known for a no-excuses, hands-on approach to all aspects of property management, and understanding that approach cannot be a one-size-fits-all affair.
LATITUDE 47
In the first month of management Latitude 47 had over 11% of the property vacate, this due in large part to thirteen leases secured by the local minor league baseball team expiring, in addition to five leaving through normal attrition. By the end of that first month, occupancy, compounded by these recent move-outs, fell to 90.9%. Through diligence and focused marketing, including offering a 1-month free promotion on vacant apartments over 60 days, the following results were reported.
TIMELINE | 9/1/2025 – 12/31/2025
Renewals Processed: 50 | New Move-ins: 26
Raised Occupancy: 90.9% up to 97.15% | Reduced Vacancy Loss by $10,700
Increased Rental Income: Over $32,000 (including concessions)
BRIDGEVIEW 125
Bridgeview 125 faced similar challenges. After a strong opening in 2020, Bridgeview had struggled to hold its footing. At the time of our management acquisition Bridgeview 125 had a reported occupancy of 89%. Deploying a similar strategy to the one utilized at Latitude 47 we went to work. In addition to the occupancy challenges, we were also faced with a large percentage (just over 60%) of the property’s residents on expired leases reverted to Month-to-Month. This added a volatility that required immediate attention.
In the first three months of management, we secured leases and dropped the month-to-Month. This added a volatility that required immediate attention.
In the first three months of management, we secured leases and dropped the month-to-month exposure to less than a third of the previous number without the use of concessions. Additionally, the team secured leases on four High-Value Penthouse units, these units were notoriously hard to lease, in some instances requiring nine months or more and advertising on the MLS to secure qualified residents. All four available units were leased without concessions, requiring only a nominal $100 increase in advertising spend.
TIMELINE | 9/1/2025 – 12/31/2025
Renewals Processed: 51 | New Move-ins: 20
Raised Occupancy: 89% up to 95.1% | Reduced Vacancy Loss by $3,894
Increased Rental Income over $8,548
Leased Four High-Value Penthouse Units at an average of $4,008 per unit (2.24 $/sqft.)
The success at Bridgeview 125 and Latitude 47 was not the result of sweeping change, but strategic refinement; demonstrating the success that can result from a strong Ownership-Management partnership.
The majority of the existing onsite teams remained in place; with targeted training, operational support, and focused leadership, performance quickly aligned with the quality of the assets. These were already exceptional communities, Edison47 simply repositioned them to fully leverage their premier location and amenity offerings.
For business inquiries contact: Jered Lerum at opportunity@edison47.com
