Sentinel Fund Manager Australia (“Sentinel Australia”) has marked five years of operations at Australia’s first purpose-built, institutional-grade Build to Rent apartment community, The Elements by Kinleaf.
Located in Subiaco (Perth), Western Australia, Phase One of The Elements first reached full occupancy in 2020 and has maintained leasing and occupancy levels close to 100% since that time. Following this, Phase Two of The Elements opened in 2022, achieving similar leasing and occupancy results with a strong lease renewal rate of 71% achieved across both phases (173 units) since stabilisation.
Michael Streicker, Sentinel President and Director of Sentinel Fund Manager Australia, said: “When Sentinel purchased its first development sites in Australia, the local Build to Rent sector was virtually non-existent so with The Elements, we had a unique opportunity to pioneer the first purpose-built, institutional-quality rental asset in the country. Since that time, it has been encouraging to see the growth of the sector and, to a greater extent in recent years, the increased understanding and adoption of the housing model by Australians. Across our operating communities in Perth and Melbourne, we see and hear that our residents appreciate the housing choice and lifestyle opportunities that living in a Build to Rent property offers them.
“Compelling leasing results, high resident-retention rates and the positive resident feedback garnered at The Elements gives us great confidence in the future of the asset class as it enters its next phase of growth to maturity. We will continue to apply insights from our operational experience to enhance the delivery and operation of the next phase of our pipeline in Australia – rental communities which are well-located, well-designed, sustainable and ultimately great places to live,” said Mr. Streicker.
Since 2020, more than 1,000 residents have called The Elements home across its two phases. These residents have encompassed a variety of household types and approximately 50 per cent have had pets. Across the same time period, approximately 100 referrals have been made by existing resident households to prospective new residents, demonstrating strong resident advocacy for the living experience. Furthermore, there were a total of 34 inter-building transfers where existing residents have upsized, downsized or shifted to a different apartment layout within their building, based on how their needs have changed.
Purpose-built for renters, The Elements features spacious one-, two- and three-bedroom apartments in a variety of floor plans. Residents have access to on-site property management and maintenance teams to assist them throughout their rental experience, as well as a curated range of resident amenities. Amenities at The Elements include rooftop terraces with expansive views, two swimming pools, a fitness centre, movement studio, resident lounges and more.
The Elements made history as the first carbon neutral certified apartment building in Australia. This followed Sentinel Australia’s close work with the Green Building Council of Australia (GBCA) and Climate Active to pioneer a certification methodology for Build to Rent that acknowledges the sector's unique potential for ongoing energy leadership in residential housing.
Achieving an average 8-star NatHERS rating across both phases and a 5 Star Green Star rating from the GBCA, The Elements has a range of sustainable features including energy-efficient appliance packages provided to residents in all apartments, solar panels for common area energy usage, LED lighting, rainwater and greywater recycling systems, electric vehicle charging stations, embedded network metering to each apartment and access to a centralised geothermal system. The on-site property management team also runs a program of social events and activities to encourage social connection between residents and maintain a vibrant community.
