Leading Flexible Housing Operator Barsala Expands Partnership with Kittle Property Group to North Carolina Location

CHARLOTTE, N.C., June 13, 2023 /PRNewswire/ -- Barsala, the leading tech-enabled flexible housing operator, will soon launch 42 apartment units at The Spire in Charlotte, North Carolina, through their second partnership with Kittle Property Group Inc.

Barsala will operate two garden-style apartment buildings at The Spire, converting 15% of the 288 units into high-end rentals to fulfill the growing need for short-term luxury housing in Charlotte. Barsala will have the units ready and launch their lease-up efforts beginning July 1, 2023.

"Charlotte is one of the fastest growing markets in the country, so we're excited to launch The Spire and expand our relationship with Kittle Property Group," said Jason Istrin, Vice President of Real Estate at Barsala. "We are thrilled to launch in another demand-heavy market. The Spire is an especially great property due to its proximity to the Charlotte Motor Speedway, PNC Music Pavillion and the University of North Carolina at Charlotte."

Charlotte is the 8th fastest-growing city in America, with robust expansion in its financial, dining, and entertainment industries.

"Barsala brings a unique set of opportunities to the table for our lease-ups," said Robyn Eaton, Senior Vice President of Portfolio Management & Analysis at Kittle Property Group. "The additional occupancy early in the lease up brings energy and excitement to the property while offsetting vacancy and maximizing revenue. We're looking forward to further cultivating the Kittle Property Group and Barsala relationship."

"Our partnership with Kittle Property Group got off to a great start with the Aurora Apartments in Madison, Alabama and we are looking forward to launching The Spire," added Istrin. "Their team recognized the opportunity to drive revenue and inject life into their new developments by working with Barsala. Robyn, in particular, has been a terrific partner and immediately saw the added value Barsala could bring to their communities." 

The Spire will be the second property lease-up partnership between Barsala and The Kittle Group, following the June 2023 launch of 72 units in Aurora Luxury Apartments.

Barsala aims to capitalize on the extended lease-up periods of new multifamily properties, partnering with developers to create attractive, revenue-generating solutions.

"There are a record 900,000 new apartment units currently under construction. Real estate investors who can unlock the substantial value brought into existence by combining hospitality and extended-stays with traditional multifamily during lease-up will have a meaningful edge over their competitors with no downside," said Michael Monu, CEO and Founder at Barsala.

About Barsala

Barsala partners with multifamily developers to provide innovative, tech-enabled vacancy solutions that drive revenue with greater flexibility during lease-up. Barsala was founded in Seattle in 2016 and has operated 3,000 plus units across 25 markets since its inception. Multifamily developers partnering with Barsala convert vacant, zero-income producing units into fully furnished rental options for corporate housing needs. As a result, Barsala partners see a significant boost in income and a faster activation of the apartment community. For more information about Barsala, please visit www.barsala.com.

About Kittle Property Group Inc
Kittle Property Group Inc serves as a catalyst for local communities and families by developing, constructing, and managing multi-family housing apartment homes. With roots going back to 1948, they are a national leader in the industry, having developed more than 20,000 apartment homes representing more than $2.5 billion in investments. For more information on Kittle Property Group, please visit www.kittleproperties.com.

CONTACT:  Jessica Spaulding, [email protected], 949-233-8575  

SOURCE Barsala