Multi-Family + Mixed-Use Developments
Blanton Turner's building management services are dedicated to finding the sweet spot for every property we manage – where happy residents and tenants mean reduced turnover and strong communities mean financial returns. By understanding the competition and developing strategies to differentiate our properties, we maximize value for owners and residents/tenants alike.
Powered by Blanton Turner - Chloe Apartments
Blanton Turner was hired by barrientos, llc for pre-development and lease-up for Chloe, a 117-unit mixed-use apartment project in Seattle. To overcome challenges including an emerging neighborhood, a hard-to-find building entrance and a tough market, we worked with the owner and developer to develop a personality for the building. Meet Chloe…the dog. Our empirical research found that ads featuring dogs received 60% more hits than those without. The introduction of Chloe to the marketing, advertising and ultimately the building itself became integral to the success of the project.
Coinciding with the building's opening in a traditionally poor month for real estate (December), we initiated lease-up with an event called WinterGREEN. Local businesses featuring sustainable products were invited to come to the building for a massive open house. The building opened with a flood of more than 150 people on its first day and filled up within 4 months. WinterGREEN was reimagined as a local artists' show for the following year's turnover and had over 500 guests.
Like most things in life, properties need periodic updates. Whether a small-scale adjustment to keep the property current, a full repositioning to respond to market and economic trends, or changing the use altogether, we approach repositioning strategically to determine where budget dollars will be placed to greatest effect.
Powered by Blanton Turner - Thornton Place
Thornton Place, a large-scale mixed-use transit-oriented development in the Northgate neighborhood of Seattle originally included 278 apartments, 52,000 sf of retail, a Regal Cinemas movie theater and 109 condominiums. With the hard-hit economy in 2010, ownership made the decision to convert the condos into apartments. This decision provided a challenge on many levels. First, the condominium spec was far superior to the apartments on the same property and had the potential to both compete "internally" and to confuse prospective renters. Second, the Northgate submarket had not previously supported the desired rents in excess of $2.00/sf.
After branding the two products separately (the condos were renamed Creekside, the apartment spec product was named Plaza Apartments) we executed a distinctive marketing effort for the "condos" that focused on the living experience and high level of interior finish. This plan was targeted at a specific audience that was entirely different from the Plaza Apartments.
Our team successfully leased the new Creekside Apartments at Thornton Place to achieve the highest market rents in the area.
In pre-development, every decision has an impact. Through our years of experience with the development process, we've accumulated extensive knowledge of how to make design decisions to appeal to specific audiences. Working collaboratively with the architect and designer, we identify programming concepts, from unit mix to amenity selections, finishes and retail direction that will make not only a positive impact during lease-up, but that will differentiate the project in its market.
Powered by Blanton Turner - Lawrence Lofts
Lawrence Lofts is a 131-unit project currently under construction in Seattle's East Capitol Hill neighborhood. Blanton Turner was engaged during the construction finance process to develop pro forma rents and an operating budget. Before starting construction, the team was provided with plans and a red pen to help identify improvements that would improve the property for tenants as well as enhance long-term, efficient and cost-effective management.
Blanton Turner is now leading the branding and marketing efforts and will lease-up and manage the project. We're looking forward to another success story resulting from getting everybody together from the beginning – leading to efficient operations, future tenants' needs being met, and the market perspective that comes from our decades of experience.
Retail spaces are the true "front door" for a building, providing an amenity for residents as well as a connection point for passersby. We treat retail as an integral part of a property to avoid the pitfalls of high churn and low returns that too often occur when it becomes an afterthought. To help create a retail success story for your building, we develop retail strategies, provide guidance on target tenants and manage the tenant improvement process to create a space that is functional, appealing and within budget.
Powered by Blanton Turner - Skillet
With its imminently recognizable Airstream trailer, Skillet became a Seattle sensation before establishing brick-and-mortar roots. For the Chloe Apartments, we recognized that a destination retail tenant would alleviate the issue of the building's entrance on the "wrong" side of the building. Seeking a solution, we introduced our client to Skillet's owners, who had an amazing mobile food concept, but no experience in building out or running a full-time restaurant.
Beginning with a gift of Skillet's signature bacon jam, the relationship evolved and Skillet chose to park its nostalgic aesthetic and modern comfort food – permanently – at Chloe. Our team helped our client and Skillet establish and ultimately execute a shared vision, which resulted in a stellar day-to-night dining experience for building tenants and the neighborhood.
Property owners and developers often realize that they are facing unforeseen challenges and unsure of the best solution to resolve them. We're here to help – whether it is determining what financing terms are available in today's market, tracking the development draws for a lender, or creating a development pro-forma from scratch...our team is at the ready. We understand how to lend support when needed so the owners/developers can focus on the bigger picture.
Powered by Blanton Turner - Broadway Place
With the property approaching 10 years old and refinancing necessary, the owners of Broadway Place requested an Asset Study to determine the proceeds the ownership wanted to net from the property financing to adequately and accurately plan for the property's future capital investment requirements.
Members of the Blanton Turner team coordinated with on-site management to review all of the property systems and worked with local contractors to determine the remaining life for the building systems and finishes. We then assembled this information into a 10-year plan to project the capital investment required to maintain the building and its associated operating systems in good working order. This information was used by the ownership as a basis for projecting the property's long-term capital needs, by the management team on an annual basis to project the coming year's capital investment and is incorporated into the property budget.
Each year, the management team reviews these expenditures with the ownership concurrent with the budgeting process to secure authorization of or modification to the scheduled investment plan. The strategic analysis, planning and implementation have helped Broadway Place maintain its position as one of the premier properties in Eugene/Springfield, with the highest rental rates.