Strategies

SRG Strategies . Fall 2011
An Adjusted Marketing Approach
Yields Results For A Unique Property
Sometimes arriving at a successful marketing
solution for a challenged property defies logic.
In August SARES•REGIS Group took on a lease-up management
assignment for a new, bank-owned condominium community
of 136 one- and two-bedroom homes in Westminster, Calif.
Following a presentation to lease Jasmine Place as a Class A
rental property, SRG’s Multifamily Property Management
Division won the assignment in July. John Gregory, a division
Regional Vice President, said that initially prospective renters
in the surrounding submarket’s population were targeted,
the same group the developer sought as buyers in 2008.
Originally entitled as a senior condominium community, it was
reasoned that Jasmine Place would appeal to the area’ s existing
Vietnamese population because of its styling, well-appointed
finishes and ideal location next door to the Asian Garden Mall,
the largest Vietnamese-owned and operated mall in America.
The developer logically believed boomer-generation residents
would be drawn by the shopping convenience and walkable
neighborhood, Gregory said.
Thanh Dang, the division’s Director of Marketing, focused on
fundamentals. She expanded the marketing radius to include
surrounding cities as far as Irvine, aiming at professionals and
families seeking a newly completed home in a vibrant community
with established amenities and convenient shopping. “Our
message drove home the fact that Jasmine Place was the only
new Class A apartment opportunity in the broader submarket.
Also, prospective residents we targeted were not culture
specific,” Gregory said.
Rents ranged from $1,590 for one-bedroom units to $2,300
for two-bedroom apartments with 1,391 square feet.
This broad, new tactic quickly jump-started traffic and
produced 30 leases to a cross-section of cultures and ethnicities.
Jasmine Place is meeting its schedule for stabilization within
one year, Gregory said. .
Prospective residents are responding to SRG‘s repositioning of
Jasmine Place.
10