RangeWater Real Estate Draws on Curated Artist-in-residence Program
Tuesday, May 31st, 2022
The nation’s apartment market has been rapidly expanding for more than a decade with people in hot housing markets favoring rentals over for-sale homes, especially in high-barrier-to-entry areas.
This shift has created an influx of developers all competing for a growing pool of potential tenants who are choosing to rent instead of buy. As developers scramble to capture market share, RangeWater Real Estate is drawing on its newly minted artist-in-residence program and the result has been on par with today’s blue chip art market -- rapid growth and skyrocketing values.
“While we take great pride in our best-in-class features and amenities, we see boundless potential in what we can offer our tenants,” says Tracy Bowers, executive managing director of RangeWater Real Estate. “By investing in experiential art, we’re able to tap into the culture of the growing creative class and provide a truly compelling and immersive experience that adds a special element to living in a RangeWater community. And, we’ve seen a meaningful return on our investment with rapid lease-ups so it also makes good business sense.”
Founded in 2006, privately owned RangeWater acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.6 billion portfolio.
RangeWater’s artist-in-residence program provides artists, ranging from visual, augmented reality, culinary and architectural with a place to live and payment in exchange for site-specific art that connects the developments with the community.
The program kicked off at the start of the pandemic when in-person interactions were put on pause. A team of creatives within the company sought to create impactful activations that would draw potential tenants and connect with the community. In addition, they hoped to expand the canvas for artists to showcase their works on a large and highly accessible scale.