Sentral and mixed-use development company OliverBuchananGroup, have formed a joint venture partnership to build and operate Class A apartment communities and mixed-use developments in high-growth metros. The JV will target Denver, San Diego, Phoenix, Dallas, Austin, Texas; and Nashville, Tenn. Sentral will serve as exclusive property management firm for residential properties.
The initial Sentral-OliverBuchananGroup project is destined for the River North (RiNo) district of Denver. RiNo has one of the highest concentrations of restaurants, nightlife and breweries in the Mile High City, and is in within a 1-mile radius of one million square feet of office space under development.
The mixed-use project will feature more than 300 living units, retail, office and event space. Construction is slated to begin in 2023.
“What we have proven across a national portfolio operating now in nine markets, is that we can increase owner NOI by 10 percent or more after Sentral’s fees, compared with operating the traditional 12-month lease,” Jon Slavet, CEO of Sentral, told Multi-Housing News. “And secondly, we have demonstrated we can sustain superior reputation scores for the residents and for the guests. Our ORA score, the primary measure of residential satisfaction is 89.3, and our Reputation.com score is approaching 850. Both are in the elite range.”
Earlier this year, Hines topped off a mixed-use development in the RiNo district of Denver.