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Proven Results at Tanager - A Creative Approach

Learn how we built a lifestyle centric community in Las Vegas through strategic marketing and operations.

01 The Opportunity

Cushman & Wakefield was awarded management of Tanager in August 2018 during the development phase and prior to becoming the first of thousands of units branded as Aviation Row by the Howard Hughes Corporation. Well-positioned in a 400-acre master planned mixed-use community, Tanager’s residents would come to benefit from the 120 shops, restaurants and indoor/outdoor venues, as well as the proximity to the Las Vegas strip 20 minutes away.

The long-term multifamily development plan for Downtown Summerlin required our team to create a brand consistent with Aviation Row standards that would transcend time and truly represent this new standard of urban living.

02 The Solution

By partnering with a creative agency, Cushman & Wakefield was able to formulate a strategic marketing plan that was lifestyle centric and drew prospects from gateway markets who craved this unparalleled type of walkable urban experience. Our team also worked closely with business and event centers in Downtown Summerlin to innovatively integrate Tanager with the community.

Pre-leasing was done virtually through leading-edge technology, and our marketing efforts were supported by a customized app and highly service-oriented team who created robust resident programs, community events and retention efforts.

03 The Results

  • Achieved rents 10.4% higher than underwritten expectations with minimal concessions and accelerated leasing velocity
  • Current market rent is 21.4% higher than underwritten expectations at $2.21 per square foot
  • Minimized losses and maintained a collection rate of 98% during COVID-19 by keeping the integrity of the rent roll
  • Minimized expenses by enhancing operational efficiencies, leveraging our national purchasing power and implementing strategic leasing technologies to achieve a year-to-date favorable variance

 

Multifamily Property Management that Drives Value

Our platform offers a full suite of residential property management solutions that help clients achieve maximum return on their property or portfolio. We have the scale, depth of experience, and established operating procedures and best practices to champion each property’s performance and highest potential.

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