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Bravern's North Tower now offering apartments
A second residential tower at The Bravern will offer luxury apartments. The North Tower follows the South Tower in offering apartments.
Since the opening of The Bravern Residences South Tower apartment homes in late April, leasing activity has exceeded projections resulting in nearly 25 units rented per month. More than 65 percent of the apartments have been leased in the first six months.
"It has become evident that a structural shift has occurred in residential demand from owned to rental housing,” said Dan Ivanoff, founder and managing member of Schnitzer West, developer of The Bravern. “Over time, we expect the pendulum to shift back to more normalized market conditions and The Bravern Residences will be positioned to capture ownership demand when market conditions warrant.”
While The Bravern condominiums achieved conditional mortgage financing approvals through Fannie Mae and FHA, sales demand, as demonstrated through closed sales in the overall market, was not sufficient to move forward with closings at this time, Ivanoff noted.
“We firmly believe that it is in the best interest of our customers holding purchase agreements to terminate their contracts and return their earnest money deposits,” he said.
Nationally, the housing markets are experiencing historically low sales activity that is expected to last for some time due to continued tightening of the credit markets.
Both towers in The Bravern Residences share The Signature Plaza, a 25,000-square-foot lifestyle amenity level located on the fourth floor. Designed as an extension of the homes, the amenities plaza includes fireside lounges, an event room with catering kitchen, an entertaining room with an exhibition kitchen, a private theater, fitness center, furnished guest suites and concierge services. Residents can relax in the spa with a whirlpool, a sauna, a steam room and a private spa treatment room.
The residential towers are joined by the Garden Terrace that features a Garden House with fireplace, outdoor grilling stations, meandering paths and dog walks.
The Bravern Signature Residences is hosting an open house over the Saturday and Sunday, featuring the newly released model homes in the North Tower. Leasing in the North Tower recently commenced with rents starting at $1,550.
Riverstone Residential will continue to provide professional leasing and management services for the Residences. Leasing representatives are located on the fourth floor of the South Tower.
The mixed-use project is located at Northeast Eighth Street and 110th Avenue Northeast.