For investors and developers pursuing new multifamily housing projects, early involvement in new developments by a third-party property management advisor may not come to mind, yet it should, according to Woodmont Real Estate Services’ Jeff Bosshard, CPM®, and President Multifamily Operations.
Woodmont has established a proven partnership model with property developers through all four critical phases impacting new multifamily development projects, and from the very beginning. The services include: Consulting & Design, Construction, Lease-Up, and Stabilization. This collaborative approach ensures that each stage is thoughtfully executed from the start, contributing to the long-term success of the development.
During the consulting & design phase, collaboration reigns supreme. Woodmont’s development team partners closely with the creative development team members such as architects, interior designers, landscape architects, branding professionals, and supplemental design agencies to define the property’s identity early on. This alignment ensures that all deliverables, from floorplan and amenity development to interior finish schedules and brand positioning, become cohesive. During this phase, Woodmont provides critical support developing target residents, amenity and unit programming, property branding, unit mix recommendations, interior finish schedules, resident technology solutions, staffing plans, and more. The team also provides input on common area design, back-of-house spaces such as file rooms, and parking ratios to ensure each meet market demand.
The construction phase focuses on an in-depth review of the physical site for operational efficiencies. Potential improvements are continually sought out to ensure functionality and marketability of the spaces. As the project progresses, Woodmont regularly performs site visits with the construction team to assist in identifying and providing options for upgrades or changes that might enhance the final product. For example, identifying maintenance shop deficiencies, altering door swings, or adding additional USB outlets can lead to impactful operational improvements before construction is finalized.
Early involvement in new developments by a third-party property management advisor may not come to mind, yet it should.
As the property transitions into the lease-up phase, first impressions become vital. Woodmont tailors its marketing strategies to each individual property and evolves strategies adjusting to the marketplace. This results in maximum prospect awareness and positions the property for success. An online presence, paid search campaigns, social initiatives, mobile responsive products, proper merchandising, and extensive referral and outreach programs are critical to drive prospective residents to the community website. These elements create a broad-spectrum advertising campaign that reach target profiles and potential residents for the community.
During the lease-up phase, consistent evaluation of the property including the physical product, staff performance, competitor set, pricing program, and prospect feedback provides valuable insight into the site’s intricacies. Woodmont utilizes several online reputation products, remote touring tools, resident satisfaction surveys, and intra-property websites, with the primary focus on transparency and communication. Woodmont closely monitors team composition to ensure ample coverage and superior performance. New employees receive targeted training to understand property-specific nuances, such as car stacking procedures, keyless entry systems, and new technology. This preparation and training are essential for delivering a smooth resident on-boarding experience.
The final phase, stabilization, begins once the property reaches stabilized occupancy, typically 95%. At this point, Woodmont transitions to long-term staffing and advertising strategies, with continued focus on customer service and providing an exceptional resident experience. Woodmont believes that strong customer service remains the key to resident retention. Creating an environment where residents feel cared for is fundamental to fostering long-term resident relationships.
Woodmont’s extensive experience and support during the four phases of a new development project have proven highly successful over the years. The ability to support ownership at any stage is valuable, but involvement from the very beginning allows for the greatest impact. This was fully evident in the 2024 ultra-successful lease-up of Artisan Crossing in Belmont. The 250-unit luxury project leased-up well ahead of schedule at rates far exceeding proforma. As Woodmont enters the lease-up phase of the 500+ unit Broadway Village project in Redwood City in early 2026, the same success is anticipated.
For more than 50 years, Woodmont has been associated with multifamily housing development and management throughout the major submarkets in Northern California. The company understands what consumers desire in today’s housing options, and it is important that investors and developers incorporate these features in the early stages of each project. Ultimately, these steps lead to better returns on investment.
