Locale, the upscale apartment-style hotel brand and management company, and The Dinerstein Companies, a national real estate and development company, today announced the expansion of their partnership with the launch of Locale Midtown Phoenix, offering upscale furnished apartments for short and extended stays within the Aspire Park Central residential community.
Locale Midtown offers 27 upscale furnished apartments within walking distance of Creighton University and St Joseph's Hospital and Medical. Blending the comfort of home and the convenience of a hotel, Locale's apartment-style accommodations feature fully-equipped kitchens, in-unit washer-dryers, self-check-in, modern design, and premium amenities. The luxury property includes a resort-style pool and fitness centre, plus a Sky Deck with expansive views of Downtown Phoenix.
Founder and CEO of Locale, Nitesh Gandhi, said that both companies share a vision that high-quality furnished apartments enhance the value of multifamily assets.
"We're excited to expand our exclusive short-term rental relationship with Dinerstein. The trust and respect we've built over the years has been enhanced by the superior returns we've generated for their assets and capital partners – it's been a winning combination," said Gandhi.
This launch has come on the heels of the partnership's latest project in Nashville, Locale The Gulch, that converted the fifth floor of Aspire Gulch, Dinerstein's luxury residential building, into upscale apartment-style rentals.
Dinerstein and Locale first established a partnership in 2016 and have successfully launched furnished, apartment-style accommodations at eight properties, with more locations to come in 2024.
Partner and President of TDC Management, Clay Hicks, said it was the company’s ambition to continue to keep our pulse on the short-term rental business within the national markets it is in.
"Our goal is to always partner with best-in-class companies for all our assets. Since our initial rollout with Locale seven years ago, they have continued to show a similar mindset as us by approaching everything with the customer experience at the forefront within our buildings," said Hicks.
Locale's apartment-style accommodations have responded to rapidly growing consumer demand for more space, privacy, and comfort while travelling, especially for work trips that stretch into leisure vacations. The furnished apartments perform well in newly constructed buildings and stabilised multifamily assets, boosting occupancy and delivering premiums to conventional rents.
