Mandel Group Completes Lease-Ups of Newest Properties
Brisk demand for both downtown and suburban apartment communities
Mandel Group, Inc. reported today that it has completed the lease‐up of its most recently developed apartment communities – the second phase of the North End neighborhood and LightHorse 4041, a mixed‐use development in Shorewood, WI. The 155 units in the “Portrait” and “Silhouette” buildings at the North End have achieved sustained occupancy in the high‐ninetieth percentile for the past quarter, while LightHorse has achieved 100% occupancy just two months after the delivery of its final units.
“We continue to invest in our apartment communities as if they’re condominiums”, reflected Robert B. Monnat, Chief Operating Officer for Mandel Group. “These strong leasing results confirm our expectations regarding market preferences. Even as households skew more toward the flexibility and lifestyle of rental housing, there is still an expectation for the quality and features that they would otherwise find in the for‐sale market.” Mandel Group is actively constructing and planning new developments throughout the metropolitan Milwaukee marketplace.
A number of factors are credited with the fast pace of the company’s recent lease‐ups. “Our residents are very discriminating and appreciate the value of location, construction quality and the level of services they receive”, Monnat added. “Properly researched and delivered communities have been well received by our clientele, who clearly have a broad range of options available to them. Our residents are also staying with us longer, renewing on a more regular basis, because of the lifestyle services we offer and the benefit of having on‐site staff to assist with a wide variety of daily conveniences.”
The downtown and near‐suburban markets are distinguished by differing demographics and, as a result Mandel Group is developing different types of properties based on consumer preferences derived from the firm’s market research. While the average age of downtown residents is approximately 30 years old, the resident community at LightHorse averages 50 years old. “With the recovery of the single family home market, you’re going to see a fair number of baby boomers selling their homes and opting for a luxury apartment or perhaps a condominium”, Monnat forecasted. “We fully expected to see that trend at LightHorse in Shorewood and at our other suburban developments in Whitefish Bay and Brookfield, and we also expect to see baby boomers adding to the demand for the preferred sites we have in the downtown environs – on the lake, the river and in the Third Ward.”
A satisfying aspect of the two recently completed properties is the inclusion of affordable units mixed in with the luxury apartments. 20% of both the North End’s recently completed buildings and the LightHorse property are offered to resident households qualifying at stated income limitations. “Both properties are better because of this mix of incomes. Fixed income and modest income households can live in dignity and afford the quality of housing they deserve, at the best locations in the city.” Monnat added “Achieving this type of solution for the area’s affordable housing needs has been a goal of ours for quite some time.” The firm partnered with the Wisconsin Housing and Economic Development Authority (WHEDA) to make the affordable units financially feasible. The City of Milwaukee and the Village of Shorewood structured tax increment districts to assist with financing public infrastructure and amenities.
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