Here’s something unusual – a news release that contains information about a new apartment community’s financial performance and the market conditions under which it was achieved:
The Habitat Company, a leading property manager and developer, is proud to announce the one-year anniversary of Hubbard Place, and the tremendous success of the apartment community in the River North neighborhood of Chicago.
In just one year, Hubbard Place achieved 95 percent occupancy, six months ahead of schedule, and exceeded pro-forma by 23 percent. Hubbard Place also forged partnerships with neighborhood merchants to create an impressive branded resident incentive program. Lastly, the success of Hubbard Place has been recognized throughout the property management industry with multiple awards, and a 4.5 (of 5) star rating at Yelp.
Residents began moving into the 450-unit, 43-story glass tower apartment community in October 2013. Seventy leases had been signed at the time — when the Chicago rental market was extremely competitive, with 2,086 apartments added to the market. The opening also took place during a non-peak leasing season when competitors were offering significant rental incentives, such as up to two months free rent. The financial impact of the accelerated lease up and careful monitoring of expenses at Hubbard Place was significant. As of September 2014, the net operating income had a positive variance of 260 percent.
Last fall, Habitat created a resident incentive program called HubStops. Through the program, the Hubbard Place team established strong connections with more than 25 River North businesses and merchants, offering discounts and incentives to residents. The Habitat Company also offered resident incentives with partners like the East Bank Club (EBC), and employees of Motorola Mobility and Google. For example, Hubbard Place residents will have their $500 EBC initiation fee waived, or receive a $500 gift card.
“At The Habitat Company, our focus is on creating the most appealing, comfortable and convenient living experience for residents,” said Sheila Byrne, Executive Vice President of Property Management. “We attribute much of the success of Hubbard Place to our exceptional and professional staff who, through attention to detail and going the extra mile for residents, have made Hubbard Place the premier luxury apartment community in Chicago.”
Throughout the development of Hubbard Place and today, resident preferences are a priority. Hubbard Place was designed to be LEED Silver, with an emphasis on providing open spaces for both the residents and larger community to enjoy. The apartment community offers 12 different floor plans, which include designer kitchens, generous walk-through closets, solar shades, full-sized washers and dryers, a 29,000-square foot amenity level, complete with a rooftop sundeck, fire pit, outdoor kitchen, entertainment space, pool, etc. The Habitat Company also installed a distributed antenna system (DAS) throughout Hubbard Place in order to enhance cell phone reception for residents.
The thoughtful design choices at Hubbard Place have received award recognition. The Friends of Downtown’s Best of Downtown Awards presented Hubbard Place with the “Best New Building” award, and the National Association of Home Builders recognized Hubbard Place with the “Best Overall Leasing or Sales Campaign for a Multifamily Community” award.
Hubbard Place was developed in a joint venture between The Habitat Company and Bentall Kennedy, a large real estate investment advisor.
Note: Hubbard Place is a YoChicago advertiser.