So Forthright Ventures understands the needs and wants of their tenants – but who are their tenants? According to Jordan, the company markets to what they consider “the middle of the market”: “We very much avoid the perception of being ‘luxury,’” he says, “and we definitely avoid being considered at the bottom end of the market.” “We don’t offer all the amenities that you see in some of the newer buildings,” he adds, “because those amenities ultimately cost quite a bit of money to maintain, they take up a lot of space, and they ultimately add to the rent on the unit.” “But at the same time, we build a very a high quality unit. We would rather take those dollars and put them back into the unit itself. We would rather ensure the quality of the construction and the quality of the materials that we use is at a high level. Quality-wise, I think we achieve a level that would be considered at the higher end of the market, while still achieving rents that are lower than you’d see in the luxury segment.” By catering to the needs of that middle or upper-middle market, Forthright Ventures consistently achieves extremely low vacancy rates across their portfolio. Jordan credits that success to the company’s aforementioned understanding of that demographic. That understanding, he reiterates, comes from owning and managing all their buildings inhouse. “We’re keenly aware of the JULY 2022
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