Creating Value: Breaking Records with the Sale of Verge Luxury Flats
With each new project developed, built and managed by The Garrett Companies we raise the bar. Verge Luxury Flats, sold this month to JC Hart, was no exception. When construction began on Verge Luxury Flats in 2019, TGC could not have anticipated what was to come in 2020 with a world-wide pandemic. But as construction activities were in the height of action and Garrett Residential was just beginning to launch their pre-leasing strategies in March 2020, the nation abruptly shut down for a mandatory quarantine. This curveball significantly impacted operations and performance for many of our peers, but The Garrett Companies was uniquely positioned to flex and adapt, which led to our most successful delivery and lease up in the company's history.
Construction Project Manager, Shane Hart and Superintendent Jarrod Pickel swiftly implemented protocol at the jobsite to prevent the spread of illness while keeping work on schedule. VP of Property Management, Jamie Allen worked with her team to create a 100% virtual leasing strategy. Supported by every person and department within TGC's vertically integrated platform, Verge Luxury Flats was able to open on schedule in August 2020 and reach 85% occupancy in its first five months of being open. The sale of Verge Luxury Flats to JC Hart in January 2021 proved that The Garrett Companies can create outstanding value and deliver exceptional returns to our investors, even in unprecedented circumstances. To learn more about our active pipeline of projects in development and under construction, view our Portfolio.