The Verandas at Frieden

Jerry Turner knows housing. Along with his company, T4V1, Turner has been managing investments in existing housing for more than 15 years. Operating out of Houston and Central Texas, T4V1 finds opportunities and solicits investors in rental housing.

In the last year or so, the company’s focus has expanded. “We recently started investing in new development,” Jerry Turner said. One of their first projects is The Verandas at Frieden, a multi-unit development just outside of Fredericksburg, a popular destination for Texas travelers.

For Jerry Turner and T4V1, developing The Verandas at Frieden presents an array of opportunities — as well as challenges. Luxury rentals would be new to the area so determining rental rates, marketing messages and target personas was complicated. The executive director of the Fredericksburg Economic Development Corporation recommended MindEcology — and their patented MatchPoint service — to chart the waters.

What MindEcology needed to provide for The Verandas at Frieden was the answers to a number of questions:

• What were comparable communities?
• What was the cost of ownership versus rental in the area?
• Who were the potential tenants of the new development?
• Where was the best place to reach those potential tenants?
• What messaging would they find the most compelling?

For Dr. Jed Jones, MindEcology’s co-founder and chief data scientist, the challenge was intriguing. “We had a lot of conversations,” Jerry said. “It’s rare to see someone so invested as a consultant.”

Crunching the numbers from a range of databases, MindEcology was able to answer the questions about the future of the development. By reviewing candidate cities and comparing a number of key data points they identified comparable communities to Fredericksburg. From there, MindEcology was able to offer an accurate comparison of the cost of home ownership to rental rates, allowing Frieden’s development team to set realistic rental rates. Tourism data revealed the homes of those most likely to be interested in a vacation property which will allow for effective marketing.

MindEcology’s research was coalesced into a Revenue Model Report that gives The Verandas at Frieden’s potential investors a clear picture of the project’s viability and sustainability. From turning the first shovel of dirt to renting the last apartment, this report will continue to provide valuable information that supports the project and its investors. “This is our first development and we had to nail it,” Jerry said. “Jed did a great job generating confidence in our assumptions.”

If you are looking for the research-driven results that matter for your real estate development or management business – from feasibility studies to economic impact analysis to revenue projection models – fill out the form below to schedule a free consultation with the minds at MindEcology.