NORTH SAN JOSE—Despite rumblings of a cooling multifamily market, projects in good locations continue to thrive, especially ones with two landscaped parks, outdoor and indoor recreational options, and extensive on-site amenities. The “livingstyle” amenities are being cited as motivating factors for a nearly unprecedented leasing pace for Equity Residential's Vista 99 apartment community. The project has reached 86% occupancy in half the time projected since occupancy began a mere 10 months ago, two times faster than projected, says John Hyjer, first vice president investments for Equity Residential.

According to Hyjer, “Vista 99 is a very large, highly amenitized apartment community with 554 residences. Even in a strong market, we anticipated it taking over two years to lease up, but in fact, Vista 99 is already 86% occupied. Clearly, we are incredibly gratified to see that the design and lifestyle opportunity curated at Vista 99 has resonated with the professionals and families alike.”

Located at West Tasman and Vista Montana, residents of Vista 99 also have access to the new 5-acre Domain Park, created by Equity Residential for the entire community, as well as another 1-acre park Equity created immediately adjacent to the apartments. According to Hyjer, this access and proximity to open parks in the middle of a city have proven to be one of the key motivators to leasing.

The other aspect Hyjer cited is the extent of the on-site amenities. He noted there is a rooftop deck with barbecues and cabanas with extensive skyline views, complementary Wi-Fi in all amenity interior and exterior areas, a swimming pool and hot tub, a clubhouse with HDTV and demonstration kitchen; a community game and rec room with pool table, wide-screen TVs and foosball; an upper deck fitness room, plus yoga, cardio and strength-fitness rooms; a media room; and a dog wash station. The apartments are outfitted with private balconies or patios, gourmet kitchens with stainless steel appliances and granite countertops, eco-rated in-home washers and dryers, and views from the over-sized windows.

Jim Kelly, first vice president, development, Equity Residential, tells GlobeSt.com: “Leasing velocity at Vista 99 has been so consistent, that on average, our lease rates are appreciably higher than when we opened and outside of our standard concession for new properties of one-month free rent, the quality of the community, its superlative outdoor amenities and desirable location have just been difference-makers.”

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

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Vista 99 Near Lease Up in Half the Projected Time

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