I-renting company REZI has closed on a $4 million transaction with JMH Development and Mettle Property Group for 100 new, luxury apartments at The Astor LIC.
Sean Mitchell, co-founder and CEO of REZI, said the deal contracts 100 of the 143 apartment units at The Astor directly to REZI, who’s proprietary AI-powered service enables landlords to lease their residential properties directly to REZI at higher-than-average net effective rent prices. REZI then leases them to qualified tenants.
A new development completed this month, The Astor LIC’s designer apartments include luxury finishes and amenities that envelop the entire property from the rooftop terraces and outdoor theater to the fitness center and indoor/outdoor coworking lounge.
“We are excited to be partnering with REZI to introduce our exciting new project, The Astor, to the marketplace.” said Jason Halpern. “This project exemplifies design, luxury and technology, and we thought REZI was the right partner to introduce it to LIC. ”
“New York’s rental market is making a vibrant and aggressive comeback from last year and stunning projects like The Astor are exceptionally well positioned for a successful launch,” said Mitchell. “We’re thrilled that we get to kick off our relationship with our new partners at JMH Development and Mettle Property Group with this project.”
In 2018, REZI introduced a new way to lease-up vacant apartment portfolios. As a result, rental property owners can now lease vacancies directly to REZI in bulk, instead of implementing a traditional leasing strategy. By leasing apartments to REZI, rental property owners have a one-stop-shop to complete their lease-up for 10, 50 or even 200 units at a time. REZI uses technology to reduce lease-up costs allowing property owners to achieve higher rental income versus leasing on their own.
For renters, REZI re-leases vacant apartments via its digital platform. REZI offers renters a fast, easy and free leasing experience when searching for their next apartment. On REZI, renters avoid traditional broker or application fees and the entire leasing process is digitized, with product features such as contactless touring, a fully-automated approval process, and digital lease signing.