The Monroe

Location: Bloomington, IN

University: Indiana University

THE CHALLENGE
The Monroe is a 796-bed, purpose-built student housing community serving Indiana University that Campus Advantage acquired in spring 2017 as part of a value-add acquisition. The community had historically reached budgeted occupancy; however, Campus Advantage wanted to reposition the community as the best in-market option.

THE SOLUTION
Campus Advantage devised a strategic capital plan to achieve higher rent growth and enhance the resident experience through property renovations and elevated customer service. The plan included updating the apartment interiors and amenity spaces, repositioning the community within the Bloomington market as a premier housing option, and implementing Campus Advantage’s Students First™ residence life programming.

Campus Advantage completed the capital renovations, which included a redesign of the clubhouse, business center, and fitness center, as well as apartment interior upgrades, including replacing dated furniture and flooring. Catalyst, Campus Advantage’s marketing partner, completed a rebrand of the community, which included a new name, logo, tagline, and a corresponding updated brand guide.

THE RESULT
Upon completion of these improvements, the community was able to increase occupancy by 9% from 2017 to 2018 and reached 100% occupancy in 2019. Most of the ROI was achieved through the occupancy increase; however, the community was also able to achieve 3% rent growth from 2018 to 2019. The Monroe is currently on track to achieve occupancy and rent growth goals for another consecutive year and is leading the market pre-leasing by 8%.