Case Study | City Garden, Dixon Place, Parkway Lofts
LPG Residential performed the lease-up of The Residences at Sugar Alley, a 193 Unit Class A mixed-use development in Salt Lake City, UT. Sugar Alley received certificate of occupancy in April 2025 and was 97% occupied at above proforma rents by December 2025, a nine month lease-up duration. Not only did Sugar Alley achieve best in market rents, at an average in-place effective rent of $2,601 ($3.04 PSF), using LPGR’s proprietary revenue management, but its achieved stabilization date was three months earlier than proforma expectations in one of the toughest leasing cycles in recent memory!
Leasing and income weren’t the only ways LPGR excelled. Sugar Alley achieved stabilization while outperforming controllable lease-up expenses by over 25% with major savings coming from marketing and payroll. Furthermore, LPGR handled complex accounting and reporting requests from the asset’s HUD lender and its institutional equity partner.
From the first move-in, LPGR carefully managed the asset’s move-in/expiration schedule, ensuring over 63% of the property’s expirations were spread over Utah’s prime leasing season (May-Sep), setting Sugar Alley up for continued rent growth through renewals and positioning the asset for future operational excellence.
