Michael Brien is the director of multifamily for TriMet Development, owner of the 173-unit Tower at 801. He tells GlobeSt.com the campaign headed by him and Paul Tollner of HSC Management is the brainchild of necessity.
It's the high level of empty apartments that has driven together the normally fiercely-competitive properties. A recent market report published by Paragon Real Estate Advisors pegs the overall vacancies rate in downtown at a roomy 23%.
Brien calculates the Tower at 801 had hit a 30% vacancy by the middle of last summer. And by the fall, management was wondering how the rest of the market was doing -- really.
"It's competitive here and hard to get accurate numbers from site people. So, we set up a meeting with the portfolio managers of downtown properties," Brien says. "Out of our first meeting we came to the conclusion that every month we were fighting over the same 50 people looking [for downtown apartments. We needed to increase traffic and decided it would be best to make a joint effort."
The result, a $75,000 advertising campaign set to kick off March 4. Brien says radio ads will run in peak traffic times on radio stations with demographics best matching the profile of their target market. Looking for singles, childless couples and empty-nesters with incomes above $50,000 -- commuters will hear ads about Jill (who lives downtown) sleeping in for an extra hour while Jack (a suburbanite) makes his daily trek through congealed traffic.
Listeners will be directed to www.rentdowntownseattle.com where they can check out the group's 25 properties by name or neighborhood. And a toll-free call center will provide information to would-be renters and dole out inquiries among the coalition, while tracking results of the campaign.
Brien says collectively the campaign will run for a three-month test period at a budget of $25,000 per month. While Brien quantifies no expectations, he says, "My hope is we'll be successful to the point we can continue on and be seen as the No. 1 tool in terms of where advertising dollars are spent." Besides the Tower at 801, the group, says Brien, currently includes the Metropolitan Tower, Harbor Steps, The Olympus, Wall Street Tower -- and 20 others.
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