MJW, Canyon Flats
Their asset is a student-focused apartment community located near the University of Nevada, Reno (UNR). It offers stylish apartment interiors and resort-style amenities for students looking for accommodation close to the university.
The occupancy forecasts for the asset did not meet expectations during the lease-up process. As a result, they were faced with a vacancy problem and needed to find a solution. Initially, the speaker was opposed to using short-term rentals in their multifamily properties but eventually decided to explore this option due to the need for a solution.
Barsala was willing to work with shorter-term leases and revenue-sharing agreements that were considered reasonable and fair. They also provided an online platform for the property owner to have real-time visibility into property occupancy and revenue.
In a challenging market environment, Barsala was able to boost their Net Operating Income (NOI) on the edge program for their student housing asset.
“Barsala’s professionalism and follow-through gave me great comfort in knowing that we had a partner that had that professionalism and attention to detail, which is exactly why we’re looking to expand the relationship.”
- Marcus Kjeldsen
VP Asset Management, Artisan Capital Group
“In a market where you’re trying to do a lease up, being able to bring in a partner like Barsala to generate income every month to offset expenses or help pay distributions has been a savior for us. Without that Barsala income, we would have been falling behind.”