Understanding that the expanding job market would positively impact multifamily properties in the area as more people are striving for greater work-life balance by working closer to home, Black Creek identified Hanover Perimeter for acquisition.
Not only is the property centrally located, but it features desirable work-from-home amenities – business lounge, executive conference room, cyber lounge, etc. – a key differentiator for multifamily properties in areas with professionals.
While Black Creek knew the property was positioned to perform well, the company was also aware of potential risk as at the time of acquisition the property was beginning to stabilize with over 93 percent physical occupancy. Black Creek knew that it would need to capture value by not only capitalizing on leasing momentum, but actively pursuing lease renewals and providing tenants with responsive management.
In February 2020, Black Creek launched a rebrand of property, renaming it to Arabelle Perimeter. The rebrand included extensive marketing of the property’s luxury features, further setting it apart as one of the premier multifamily buildings in the area and driving interest from potential tenants.
Also February 2020, Black Creek awarded management of the property to CF Real Estate Services, a local firm that understands the exact demands of the multifamily market in the area. By partnering with a local company who intimately knows the market and tenant demands, Black Creek plans to continue to create value, while also providing its tenants with best-in-class management.
Renaming the property to Arabelle Perimeter – along with extensive marketing of the property’s luxury features – further set it apart as one of the premier multifamily buildings in the area.