NEW YORK CITY-Looking to differentiate itself from other landlords presiding over rental properties, Invesco Real Estate has launched a “lifestyle brand"—called Instrata Lifestyle Residences—under which it will offer residents of its five properties here some unique services and amenities. The company, a unit of unit of Invesco Ltd., may also bring the concept beyond New York in the future.
The Instrata brand gives residents of Invesco buildings the promise of “condominium-caliber design, finishes, amenities and services to rental developments,” buildings with ample public space, concierge services and access to golf courses, ski locations and the like throughout the country.
Since April 2011, Invesco has acquired four residential properties locally, totaling 806 apartments. Renamed with the Instrata brand, the buildings are Strata at Mercedes House, at 550 W. 54th St.; Instrata NoMad (formerly the Madison Belvedere), 10 E. 29th St.; Instrata Gramercy (formerly the Elektra), 290 Third Ave.; and Instrata Brooklyn Heights, located at and formerly known as 75 Clinton St.
“We're trying to do a lifestyle thing where our residents are taken care of, where they can enjoy their homes and entertain there, or in the common spaces,” says Rob Neiffer, director, Invesco Real Estate, to GlobeSt.com. With this program, he says, “many things are taken care of for residents that wouldn't be if they weren't with us.”
The brand idea came from an effort to stand out from the crowd, he says. “Six months ago, we started thinking, 'What if we created a luxury brand focused on lifestyle? It would be like in the hotel world, where there are a lot of companies with known boutique brands that have specific color schemes, logos, etc.,” he explains. “Our intent is to do the same with apartments, and if it goes well, we might take it beyond New York.
“Urban markets would be the best place for the concept,” he notes. Invesco recently bought Sunset Vine Tower, a luxury high-rise, in Hollywood, CA, and it owns another, the Metropolitan at Pentagon City, in Pentagon City, VA, in the Washington DC MSA.
All of the residences will have kitchens and bathrooms decked out with marble, top-of-the-line floors, tile, cabinetry, etc., says Neiffer, and all of the buildings will either have a roofdeck or “amazing outdoor space.” The renovations have been completed in all of Invesco's New York properties with the exception of the building in NoMad, where upgrades are now underway.
Also included in Instrata is a “hotel-like” branded concierge service meant to cater to virtually any resident needs. “If someone needs a car to the airport or their dog walked, the concierge is just downstairs or a phone call away.” Lastly, on November 1st the company will invite residents to take part in a program called Club Corp., a membership program whereby residents who are traveling will have access to private golf courses, reciprocal membership to, say a university club where they already belong in their home city, discounts to ski areas, etc.
All of these programs are offered to Instrata residents free of charge. The services may be somewhat factored into rental rates, Neiffer admits, but adds, “it doesn't make sense to nickel and dime people at that level.”
While Invesco is satisified with its vacancy and turnover rates, Neiffer says, the company does see the program's potential to lower those numbers. “We set a goal of a maximum 25% turnover with the brand, we hope to be below that by a meaningful amount.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
