Micro is the new max.
Berlin's largest micro apartment residential tower sets new standards in Berlin - and becomes a bestseller.
Around 50 Mio. Euro
Micro apartment residential tower
Approx. 7,120 sqm net living space
As the name of this new city quarter (Mittenmang) implies, here you are in the middle of things: in the district of Mitte near the Spree and the Reichstag, at the heart of the capital. It's hard to believe, but a few years ago there was nothing here. Wasteland, wherever you looked. And now a modern residential world is under construction, opposite the similarly new Europacity. A new neighbourhood for the capital with the 18-storey FRITZ TOWER, the Mittenmang quarter’s tallest building at its heart. Scheduled for completion by mid-2020, it will offer 266 micro apartments and set a new standard for Berlin. Functional and exclusive compact apartments of 24 - 47 sqm, combined with services such as a concierge, fitness suite and co-working space. Here, you can enjoy the amenities you would normally only expect from good quality hotels. The marketing objective of the seller, Groth Development GmbH & Co. KG, was to sell the micro apartments within two years. Would it be possible to find suitable investors?
"Our ambitious goal was achieved: all 266 micro apartments were successfully sold in two years."
Successful marketing of a new residential concept.
JLL was awarded a qualified exclusive mandate and thereby commissioned to undertake a marketing and sales process on an international level. However, the challenging task already began with the product itself. The team at JLL was not only responsible for the naming and branding of the FRITZ TOWER, which was distinctive in every respect, it also advised on the floor plan design, architectural matters and possible furnishings. Two of the three micro apartment types were sold furnished - an essential element of the demand-oriented living concept that the FRITZ TOWER wanted to offer: temporary living. Fuelled by increasing professional flexibility, this market is one of the fastest-growing sectors of the German real estate industry, substantiating the comprehensive marketing and sales concept that JLL developed together with its internal and external partners worldwide. Many employees do not wish to give up their place of residence immediately after changing their job, opting instead to rent small apartments and to commute home at weekends. Other conceivable users are young professionals and students looking for centrally located, space-efficient and well-furnished apartments, particularly those who appreciate the spacious common areas and services such as an in-house fitness suite, co-working space, inviting green spaces and a concierge. And last but not least, there are financially strong groups which are increasingly looking for housing for expats or project-based employees such as film crews in the booming metropolis of Berlin, which provide a pleasant alternative to long hotel stays.
By adopting appropriate marketing and sales tools, JLL presented buyers with the prospect of an exciting investment with stable long-term value. These tools included detailed renderings and sales particulars, as well as a partially animated film that brought the product idea and design to life at the highest level. The http://fritztower.com/en/ website, designed by JLL, contained all the essential contents and benefits. This comprehensive marketing and communication initiative ultimately convinced potential buyers to put aside their concerns about the lettability of these micro apartments.
266 sales in two years.
Groth Development’s marketing objective was met. Thanks to successful cooperation on an international level, the multilingual JLL team sold all 266 micro apartments at the desired price within two years. The buyers, a mix of German and international private individuals and investors, were even prepared to pay a premium in line with the increasing market prices. Maximum success.
The FRITZ TOWER in picture and sound