The Wyatt
Location: Kalamazoo, Michigan
University: Western Michigan University
95%
Average Occupancy
38%
Resident Retention Rate
9%
Increase in Resident Retention
11%
Increase in Pre-Leasing Velocity
THE CHALLENGE
The Wyatt is a 700-bed, purpose-built student housing community serving Western Michigan University. The community joined Campus Advantage’s portfolio in 2017 as a value-add acquisition and had historically achieved budgeted occupancy; however, Campus Advantage wanted to improve the resident experience.
THE SOLUTION
Campus Advantage devised a strategic capital plan to continue to increase occupancy and improve the resident experience through property renovations and enhanced customer service. Part of the enhanced customer service strategy included recruiting and hiring for a General Manager who would be instrumental in repositioning the community within the market. Campus Advantage also devised a capital plan that included upgrading a selection of apartments with new flooring, appliances, countertops, and lighting to align with market competitors. The apartment interior upgrades were marketed to students in fall 2017, and construction took place in spring 2018 in preparation for fall move-ins.
THE RESULT
Following the apartment upgrades and the new staff recruitment and training, The Wyatt saw an increase of 11% in pre-leasing velocity from December 2017 to 2018 and a 9% increase in resident retention from 2017 to 2018. The community has maintained an average occupancy of 95% and has also upheld a 38% resident retention rate.
