Latitude – low-rise condominium conversion in Federal Way, WA.
Latitude is a 240-unit low-rise community that was converted from apartments to condominiums from 2003 to 2005. The Matrix team was hired by San Francisco developer Carmel Partners to manage the sales and marketing from start to finish.
Matrix helped put together the phasing and pricing plan. We assisted in reviewing the necessary legal documents for tenant notifications and for sales. We advised in the level of interior, exterior and amenity upgrades required. Sales management included interviewing and hiring the team of community sales managers and assistant, holding weekly sales meetings with the team, and reviewing every offer before it went to the seller. Every sale was tracked and managed through financing and closing.
Marketing services included recommendations and hiring of the graphic design firm and management of the graphics development such as the brand, website, sales office layout and displays, print collateral, permanent signage and marketing signage. We created and managed the marketing plan and budget, handled art direction of custom photo and video shoots, and planned and executed the advertising, direct mail and events.
This was a higher-end apartment for the neighborhood, but the monthly rental costs made for a borderline rent-vs-buy scenario. We presented rental tenants with individual rent-vs-buy numbers for their home, conducted first-time buyer seminars and did person-to-person outreach to ensure that we converted as many renters to buyers as possible.
With a community of this large size and complexity, having the Matrix team onsite means that we will act as the developer’s eyes and ears on the ground. We walked the site every day, made punch lists and tracked completed homes that are ready to sell.
All homes were sold and closed in just over two years time with overall price appreciation of $1.6M.