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Author: Baylee Snead

Skansie Pointe – Redefining “Rental”

Skansie Pointe is an exciting new entry to the south sound multifamily offerings. Breaking from the traditional formula of garden-style or mid-rise; Skansie Pointe consists of 174 three-bedroom single family homes for rent across 18 acres. The team at Skansie Pointe serves as a shining example of Edison’s commitment to the best resident experience. Launching a new category is difficult even under the best conditions; throw in a pandemic, resulting global supply issues, and public hesitancy and that would be enough to crumble the most resolute teams.

Skansie Pointe is proud to define a new category in multifamily living and throw previous conceptions of renting aside.

Our community was designed with the multifamily resident in mind, residents who have come to rely upon many of the amenities so many take for granted. Skansie Pointe delivers with Valet Trash service, fully equipped 24-hour fitness center and expansive clubhouse. Residents can also take advantage of the dog-run, play structures and fireside amenity spaces.

Build, Lease, Repeat

A project of this scale resulted in an 18 month lease up, with anywhere between 10 and 20 homes receiving TCO monthly. Approximately three quarters of the way through the project being built, we had the challenge of turning and re-renting the first set of homes that came online to a new set of residents, all while continuing to simultaneously lease more new product as it came online.

Skansie Pointe apartment outdoor amenity with seating and a fireplace

Running a lease-up in conjunction with managing continual construction on site, was a unique challenge our team had never faced before.

One of our greatest challenges was trying to sell the future amenities not yet built to residents currently leasing. Whenever possible, our team worked to turn the negatives of living in a construction zone into positives. Tailgating-inspired block parties, ice cream trucks, and “yappy-hour” dog meetups gave residents a taste of the close, community feel we were all actively building together. This unique neighborhood experience made it an easy decision for residents to invest in the future of our completed project; if we can have this much fun in a parking lot, imagine what we will do with a 3,000 square foot clubhouse!

At Skansie Pointe, we have also overcome unique financial and operational challenges. Typically, our multifamily units operate with expenses at $6,500 per unit per year. Skansie, on the other hand, runs $12,000 per unit, per year. Maximizing financial performance is a daily focus for our teams – maintenance is a huge factor in this cost.

Skansie Pointe community aerial view

We typically contract vendors for 1 building or perhaps 10 for a garden style community, at Skansie we sign contracts for 174 buildings, 174 roofs, 174 sets of windows, garage doors, pest control, etc. Vendors charge upwards of $2,000 or more to paint the inside of our homes.

Having as much maintenance work done in-house as possible, has resulted in savings of more than 50%. Across 63 move outs last year, this totals savings in excess of $120,000 on just vendor paint costs alone!

Our greatest competition continues to be potential home-buyers. With housing costs high, and supply low, we found a strong market in advertising the benefits of renting a home rather than purchasing. We highlight the lack of property taxes, insurance, down payments, and lengthy loan terms. Couple that with the ability to be in a luxury home, have access to a state-of-the-art clubhouse, and have all your maintenance needs met by our team – and we capture a group of what we call, renters by choice.

Skansie Pointe is honored to be a finalist for Best New Development of the Year, Washington Multifamily Housing Association, Emerald Awards 2023

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

Larson apartments building interior of lobby with seating area and large TV

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.

Larson apartment interior of kitchen and living area
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.