Highland Quarters, iCap Development

Terre Haute, Indiana
2017
Introduction

In 2017, Asset Living took over management of Highland Quarters, quickly setting our sights on improving operations and boosting property performance. Prior to management, the property fell short due to the obstacles in upkeeping their high-class community with minimal rent income, low occupancy rates (25% occupied at the time of takeover), and being the first to introduce off-campus student living to the local market. In the first weeks of management, we worked with owners to create and implement best practices that would allow iCap Development to gain more from their investment. Through ambitious goals and forward-thinking action, we revamped the property’s image and enhanced performance, ultimately breaking records and exceeding expectations––even throughout unforeseen market challenges.

Services
Operations
Talent & Compliance Training
Financial Planning and Analysis
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Zimmerman property lounge area with apple computers
The Problem
  • Establishing the value of a student living experience as the first off-campus housing option in the market
  • Overcoming high rental rates limiting property performance
  • Improving the 25% occupancy rate 
  • Retraining the staff to better serve the property
Our Solution
Transformed property’s previous multi-family approach to an exciting student living experience

Prior to takeover, Highland Quarters lacked the ability to create excitement in the collegiate community due to its brand, which was originally established as a multi-family housing option. We put our extensive campus experience to work immediately, leveraging outreach marketing to educate the community on this new student housing option. We energized the market to generate interest for the new student branded property. Then, once prospects turned into residents, we focused on frequent face-to-face interactions, while also hosting unique resident events every month––maintaining and increasing resident satisfaction. Over time, our strategy rebranded Highland Quarters as an enticing, college-centric student living experience that residents are excited to call home. 

Assessed and revised rates to revitalize property’s market appeal 

Before takeover, Highland Quarters struggled to generate leases from students moving off campus. This was due to the property having a significantly higher rental rate than other housing options in the market. Asset strategically assessed Highland Quarters’ pricing model, suggesting changes that better balanced a high-end living experience with being a feasible option for the market’s student population. 

Trained and developed staff to streamline operations and enhance overall experience

We re-trained and increased on-site staff in order to improve day-to-day operations while simultaneously growing marketing capabilities. Through extensive, ongoing training, we ensured that the property’s team members were well-prepared and well-equipped to maintain the property, cater to residents, and market to prospects––all while upholding Asset’s high standards of service. Through these new efforts, the property was able to increase on-site traffic, pre-leasing, and resident renewal percentages.

Aggressively targeted goal metrics, outperforming competitors with 99.5% occupancy 

We wasted no time unleashing Highland Quarters’ untapped potential. At takeover, we strengthened on-site door-to-door marketing tactics, resulting in 10 new renewals (a 4% increase) before the end of our first business day. This was thanks to the tireless efforts from staff members that take the time to get to know every resident, the efforts of the maintenance team to quickly address work orders, and the ability to cultivate a brand that is above the rest. With new standards in place, we integrated this personal approach into ongoing marketing efforts, as well as follow-up and outreach tactics. The property leased up to 100% with 99.5% occupancy, while the best performing competitor only reached 89% pre-lease with 85% occupancy.

Jared P.
iCap Development, Vice President
"
Asset quickly transformed our property into a premium brand, increasing all of our key metrics of success and solidifying Highland Quarters as a top performing property that attracts, maintains, and impresses more student residents, year after year. Their partnership has exceeded our expectations and breathed new possibilities and value into our asset.”
The Results
  • Pre-leased to 100% for the past two years
  • Achieved 99.5% occupancy in 2020, a 75% increase in occupancy since takeover
  • Constantly increasing the renewal ratio over the past three years, reaching 40% renewals in 2020
  • Significantly maximized rental income and profits 
  • Outperforming competitor properties within the market
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