Enclaves at College Town, Zimmer Development Company
Enclaves at College Town – a community made up of Urban Enclave, Stadium Enclave and Prospect Row – invested in state-of-the-art amenities across all three of their properties. New amenities included everything from sophisticated interior apartment design to jaw-dropping resort-style outdoor features that would enhance the residents lifestyle from sleeping to studying, socializing, and relaxing in style. Enclaves at College Town partnered with Asset Living to help successfully package and market their properties’ amenities, defining the community not just as a building, but as a lifestyle personified in a standard of best-in-class amenity packages.
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Challenges
- Achieve a pre-lease rate of 92-95% at all properties
- Maintain a higher-than-average market rate for 1-, 2-, and 4-bedroom units
- Decrease in ongoing expenses
- Create and market new amenities to students
Our Approach
Used a mix marketing model to best merchandise and package property amenities
- Leveraging Asset Living’s market research and data analytics helped to best package and price the property, which gave the team a competitive edge against the competition. This also allowed the team to find opportunities for rental increases that resulted in greater GPR for owners.
Trained and hired a talented onsite team to implement marketing efforts and engage potential residents
- Utilized our decades of experience to equip the teams with training and procedures to help effectively run and market the properties.
Created a brand that became not only a community but a lifestyle for its residents
- After implementing marketing tactics and full occupancy, we were able to showcase––and grow –– this property’s appeal through branding efforts. By creating a brand image that highlighted the lifestyle and appeal of having state-of-the-art amenities onsite paired with a talented onsite team, we were able to translate market trust into leasing interest by offering more tours and open communication with our target audience.
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The Results
- 50% preleased within the first month of kickoff
- 100% Preleased achieved in 8 weeks
- Signed an average of 70 leases/week
- 3.65% higher than average market rates
- NOI exceeded by 13%
- Achieved YOY rent increase of 4.2%