Multifamily Developers Look to Leading Flexible Housing Operator Barsala to Market Units During Lease-Up and Soften the Impact of a Slowing Rental Market
MADISON, Ala., May 11, 2023 /PRNewswire/ — Barsala, the leading tech-enabled flexible housing operator, will soon launch 72 units at Aurora Luxury Apartments in Madison, Alabama, through their partnership with Kittle Property Group Inc.
Barsala will operate 22% of the 324 units in Aurora Luxury Apartments, transforming them into high-end, short-term corporate rentals to fulfill the growing need for corporate housing in the area. Barsala will have the units ready and launch their lease-up efforts beginning June 1, 2023.
“We’ve seen the demand for flexible housing, specifically short-term and corporate, gain immense steam within the rental housing space over the past decade. When there’s an influx of demand in a tertiary market like Madison, Alabama, it demonstrates just how vast and widespread that demand is,” said Jason Istrin, VP of Real Estate at Barsala. “We’re thrilled to partner with The Kittle Group. Aurora is a fantastic property in an underserved market, and their community fits the criteria of our corporate clientele.”
Madison, Alabama, boasts an impressive 90% business growth rate over the past decade and is home to elite aerospace companies such as U.S. Army’s Redstone Arsenal, NASA’s Marshall Space Flight Center, and numerous technology and manufacturing companies.
Barsala connected with Kittle Property Group Inc during a critical time of necessary revenue growth. “Aurora is a fantastic project adding product to an otherwise underserved market. Our partnership with The Kittle Group made a lot of sense as we’re able to monetize their vacancy during the lease-up period and add a vital new stream of revenue,” said Jason Istrin, Vice President of Real Estate at Barsala.
Barsala partners with developers on new multifamily properties to create flexible revenue-driving opportunities by providing high-end, comfortable, short-term rental experiences with luxury amenities for residents. Barsala currently operates in 12 cities nationwide and plans to continue its expansion into new markets across the United States.
“Partnering with Barsala is creating a unique opportunity to maximize revenue throughout our lease-ups. We are confident in Barsala’s ability to make a positive contribution to both the resident experience and the financial health of our lease-ups,” said Robyn Eaton, Senior Vice President – Portfolio Management & Analysis at Kittle Property Group Inc. “Barsala brings a unique set of opportunities to the table for our lease-ups. The additional occupancy early on in the lease-up brings energy and excitement to the property while offsetting vacancy and maximizing revenue. We’re looking forward to further cultivating the KPG/Barsala relationship.”
Barsala partners with multifamily developers to provide innovative, tech-enabled vacancy solutions that drive revenue with greater flexibility during lease-up. Barsala was founded in Seattle in 2016 and has proudly created short-term rental opportunities for over 50,000 residents and guests across the county since its inception. Multifamily developers partnering with Barsala convert vacant, zero-income producing units into fully furnished rental options for corporate housing needs. As a result, Barsala partners see a significant boost in income and a faster activation of the apartment community. For more information about Barsala, please visit www.barsala.com.
About Kittle Property Group Inc
Kittle Property Group Inc serves as a catalyst for local communities and families by developing, constructing and managing multi-family housing apartment homes. With roots going back to 1948, they are a national leader in the industry, having developed more than 20,000 apartment homes representing more than $2.5 billion in investments. For more information on Kittle Property Group, please visit https://kittleproperties.com/.
Originally published at https://www.prnewswire.com/news-releases/multifamily-developers-look-to-leading-flexible-housing-operator-barsala-to-market-units-during-lease-up-and-soften-the-impact-of-a-slowing-rental-market-301821824.html
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