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Evolution at Estrella Falls is owned by a private equity buyer that had sold a previously-managed C-class property in order to acquire Evolution at Estrella Falls, this Class A community, with the goal of increasing rental revenue. Having already experienced the benefits of Asset’s leadership with their previous investment, this client's partnership came with high expectations. Their vision was for Asset Living to guide them in enhancing property performance through an influential rebrand.
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Evaluated the property to create more opportunity for revenue
At takeover, this property had several financial constraints that were making revenue goals difficult to obtain This included aggressive lender underwriting, significant concession burnoff, and lender terms that impacted day-to-day operations. Asset led ownership through the refinancing process, as well as established trust with the lender, resulting in more lenient terms and the financial freedom to achieve business objectives. In addition, we reviewed finances to find unique opportunities for ancillary revenue, adding income-inducing changes such as an increased amenity fees, new tech packages, and an advanced utility billing program.
Reimagined leasing strategy and overall brand
Under previous management, an ill-considered leasing strategy had led to an overload of negative exposure. To counteract the damage done and reverse the property’s course, our team worked closely with tenants to find custom solutions. At the same time, we took advantage of this unique opportunity to rebrand the property. With the owner’s aggressive revenue goals in mind, we created and implemented a new luxury living experience that entices potential tenants and makes current residents proud of where they call home.
Proactively communicated with residents throughout COVID-19
Prior to 2020’s pandemic, the residents at this property had grown accustomed to frequent and substantial organized on-site events. To ensure the property’s ongoing success through this worldwide crisis, Asset proactively and openly communicated with residents in order to manage their month-to-month expectations. Our team's constant communication during COVID allowed residents to stay informed about community updates, such as available rental assistance funds.
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