Project Category: Value-add

The Monroe

Student Housing Case Study: The Monroe

Location: Bloomington, IN​

University: Indiana University

The Monroe is a 796-bed, purpose-built student housing property serving Indiana University.  Campus Advantage acquired the property in the spring of 2017 as a value-add acquisition.  The property had historically reached budgeted occupancy; however, 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 unit interiors and amenity spaces, repositioning the property 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 unit interior upgrades including replacing dated furniture and flooring. Catalyst, Campus Advantage’s marketing partner, completed a rebrand of the property which included a new property name, logo, tagline, and a corresponding updated brand guide. Upon completion of these improvements, the property 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 property 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%.

Case Studies

Redtail on the River

Student Housing Case Study: Redtail on the River

Location: Columbia, South Carolina

University: University of South Carolina

In late 2016, Redtail on the River joined Campus Advantage’s portfolio of student housing properties. Catalyst, Campus Advantage’s marketing partner, was also engaged to rebrand the property to help increase leasing velocity and improve the property’s reputation. Prior to Campus Advantage and Catalyst’s involvement, the property suffered from negative online reviews and experienced minimal revenue growth. In an effort to improve the property’s reputation and decrease resident turnover, the property launched Campus Advantage’s Students First® experience — a program designed to ensure that residents who choose to live at Campus Advantage communities have more opportunities to achieve success both now and in the future — and rebranded the property as “Redtail on the River”. The name “Redtail” was designed as a nod to the University of South Carolina mascot, the Gamecock, while “River” highlights the property’s close proximity to the Congaree River — both of which are well known in Columbia, South Carolina.

When Redtail on the River joined Campus Advantage’s portfolio in 2016, J Turner Research measured the property’s Online Reputation Assessment (ORA) score at 40 points — more than 20 points below the national average. Catalyst and Campus Advantage worked in tandem to design a new logo, marketing collateral, and website, and ultimately launched a reveal campaign to re-introduce Redtail on the River into the Columbia market. This led to the increase of the property’s overall market reputation and ORA score by 30 points, reaching 70 by fall 2019. Redtail on the River has since achieved 100% occupancy for two consecutive years and increased resident retention, achieving a 37% renewal rate in fall 2019.

Case Studies

The Wyatt

Student Housing Case Study: The Wyatt

Location: Kalamazoo, Michigan

University: Western Michigan University

The Wyatt is a 700-bed, purpose-built student housing property serving Western Michigan University. The property joined Campus Advantage’s portfolio in 2017 as a value-add acquisition. The property had historically achieved budgeted occupancy; however, 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 property within the market. Campus Advantage also devised a capital plan which included upgrading a selection of units with new flooring, appliances, countertops, and lighting to align with market competitors. The unit interior upgrades were marketed to students in fall 2017, and construction took place in spring 2018 in preparation for fall move-ins. Following these unit 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 property has maintained an average occupancy of 95% and has also upheld a 38% resident retention rate.

Case Studies

Bedroom

Kitchen

The Beacon

Student Housing Case Study: The Beacon

Location: Auburn, Alabama

University: Auburn University

The Beacon is a 576-bed, purpose-built student housing property serving Auburn University. Campus Advantage acquired the property in 2015 as a value-add acquisition. The property had historically reached budgeted occupancy; however, Campus Advantage devised a strategic capital plan to achieve higher rent growth and improve the resident experience through property renovations.

The plan focused on updating the unit interiors and the common area amenities. Common area upgrades took place over the course of seven months and were completed in 2016. Following these strategic upgrades, The Beacon saw a 3% rent growth from 2016 to 2017 and from 2017 to 2018. The property has maintained an average occupancy of 97%, exceeding budgeted occupancy in 2016, 2017, and 2018, and has also upheld a 52% resident retention rate year over year.

Case Studies

Club House

Fitness Center

The Highlands

Student Housing Case Study: The Highlands

Location: Reno, Nevada

University: University of Nevada, Reno

The Highlands is a 732-bed, purpose-built student housing property serving the University of Nevada, Reno campus. Campus Advantage acquired the property in 2015. The property had historically performed at the top of the market for occupancy, however Campus Advantage planned extensive renovations and a rebrand in order to achieve increased revenue and improve the resident experience.

Campus Advantage devised a strategic capital plan which focused on updating the unit interiors and the building exteriors and repurposing the amenity space to include an expansive clubhouse, a Fitness On Demand™ room, and an outdoor kitchen. The upgrades were completed over the course of 10 months, two months ahead of schedule. Following these strategic upgrades, The Highlands saw 6.6% rent growth in year one and 10.1% rent growth in year two. The property has maintained 100% occupancy and a 40% retention rate year-over-year.

Case Studies

Club House

Living Room