Our strategic objective was to infuse the project with energy from new ownership, management, and a resident-focused operating model which would allow conversion of all new leases to market rent levels – thereby increasing income and value. Immediately upon closing, we:
By our 6th month of operation, occupancy was increased to the 90% threshold. Lease rates were increased by an average of 10.1% over the first 6 months of operation with a remarkable 68% renewal rate. We have closed significant ground in this short period and are within reach of the submarket effective rent rate. We’ve dramatically strengthened the perception of active and engaged ownership and management teams, which has allowed us to launch aggressive online and direct marketing campaigns that targeted a more stable and affluent resident demographic.