Pioneering iRenter Signs $4M Deal for 100 Luxury Apartments in New Development, The Astor LIC
NEW YORK, July 22, 2021 /PRNewswire/ -- REZI, the pioneer of the iRenter industry, has closed a $4M transaction with JMH Development and Mettle Property Group for 100 new, luxury apartments at The Astor LIC, as announced today by Sean Mitchell, co-founder and CEO of REZI.
This 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 an exciting 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. Because REZI uses state of the art technology to dramatically reduce lease-up costs, property owners who use REZI 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. The result? REZI's made it possible to find and close on your next apartment in as little as 5 minutes.
Launched in 2018, REZI's is a marketplace for residential leases whose proprietary AI technology and unique products drive better leasing results for both tenants and rental property owners.
About JMH Development
JMH Development is a leading, full-service real estate development company with experience as developer or owner of major residential and commercial properties across the U.S. With an innovative approach to creating distinctive properties in the luxury category, JMH has been a pioneer in the development of the most unique and well positioned properties in highly desirable markets like Manhattan, Brooklyn and Miami Beach.
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