Luxury IL Census Gain
A private equity firm engaged Northbridge to work with one of its operators to assess operational issues and concerns about leasing velocity with this newer luxury independent community in the Midwest. NAS quickly assessed the problematic dining program as well as the sales activity, which has been below budget since they opened three years prior.
A proprietary secret shop of the community and its five closest competitors was completed to determine what the customer value equation was for each asset. The assessment resulted in an action plan for the onsite team and NAS asked to oversee implementation in coordination with the owner and operator.
Significant moves included replacing culinary leadership, which quickly increased dining satisfaction, and therefore, increased resident referrals and decreased move-outs due to dissatisfaction. NAS assisted in creating defined interest pricing, dynamic inhouse rent increases, product differentiation, and compelling and targeted digital marketing.
In less than six months, this portfolio’s net occupancy grew from 153 to 170 units occupied, twice the velocity of the previous five months.