Hampton East, Paragon Development Group

Mesa, Arizona
2018
Introduction

Hampton East was the first build-to-rent property for our client, Paragon Development Group Collections. Paragon turned to Asset Living to work diligently and proactively to ensure that the property was positioned to be a competitive force in the Mesa rental market. Leading with our decades of industry expertise, our team successfully transformed this property from blueprints to a high-performing asset.

Services
Capital Improvements
Marketing
Market Research
Development Consulting
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Zimmerman property lounge area with apple computers
The Problem
  • Leasing the market’s first build-to-rent property 
  • Locking in comparatively high rental prices
  • Working around unexpected construction delays
  • Upholding quality control on a set timeline
Our Solution

Oversaw construction and enforced high standards

Paragon Development Group initially chose Asset Living because of our extensive experience leasing up successful build-to-rent properties. At takeover, we immediately began supervising construction plans. Throughout the process, we ensured that expectations were met, which involved carefully inspecting every unit’s interior and exterior during the due diligence period. Even as the property experienced eight weeks of unexpected construction delays, we remained dedicated to adapting and adjusting leasing strategies to meet and exceed ownership’s goals.

Differentiated the property from its competition 

In order to achieve the property's rental goals, we knew we had to make it stand out in a market that had yet to be exposed to build-to-rent options. To increase appeal to future residents, Asset focused on assuring high-end unit finishes were added during construction. Asset also guided the property in improving its sellability by creating homes with private backyards that in turn allowed the community to compete with traditional multifamily living. This resulted in a rare Mesa property that appealed to both families and pet owners with its unique design and features.

Crafted and implemented a marketing strategy

Knowing the impact a well-planned marketing strategy can have on property, our team carefully built a comprehensive marketing plan that included everything from the property’s branding and website to marketing collateral such as flyers and brochures. The forward-thinking campaign helped showcase the property, contributing to an exceptionally fast lease-up. Our marketing tactics also guided the property in adding premiums during each of its phases (i.e. in Phase 1, a 2-bedroom cost $1,500, while in Phase 2, a 2-bedroom cost $1,550), which empowered the property to continuously raise rents as occupancy grew.

Bruce D.
President, Paragon Development Group
"
We chose Asset Living because of their reputation for success with build-to-rent properties. From the beginning, their responsiveness, aptitude, and commitment to our objectives made it clear that we made the right decision. In the end, Asset guided us in bringing an incredibly valuable property to life that we’re confident will continue to benefit our portfolio for years to come.”
The Results
  • Leased up in 6 months
  • Stabilized at 97% occupancy 
  • First year resident retention rate of 72% (well above the industry average of 42%)
  • Achieved highest rent per square foot in the submarket
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