WINDSONG, Formerly a self-managed property that was under performing. Windsong now has a 98% leasing rate after partnering with Bonaventure
WINDSONG Virginia Beach, VA
REPOSITION ASSET CASE STUDY OVERVIEW Windsong is a 273 unit garden style apartment community built in the mid-1970’s. The property is a vintage construction that has had minimal upgrades. Windsong’s best feature is its desirable location in the Chic’s Beach section of Virginia Beach.
Challenges • Prior to Bonaventure, the property was self-managed. • We faced many challenges upon taking over the management of the property, including more than 50 un-rented vacant units to make ready, bad customer service, and a poor overall reputation. • The property was operating at below average market rents and higher than average expenses. • Many standard procedures and daily functions were being missed and not performed consistently. • The marketing of the property was minimal with a basic website and some print advertising.
Quick Facts • Number of Units: 273 • Management Take Over: March 2012 • Leased Percentage: 98%
Solutions • We went back to the basics of standard operation procedures and consistencies across the property. • Implemented an outreach marketing campaign to local businesses and competitors and posted on Craigslist consistently to drive additional prospect traffic through the door. A full audit of all marketing material and sources was completed in creating efficiency and performance in Marketing Spin. • Implemented customer service campaign with existing residents was put in place to help build trust and excitement among the residents. We marketed our resident referral program which aided in increasing traffic and building community. • Bonaventure worked collectively with the Owner to develop the business plan to ensure the rent, budget, unit models, marketing material and marketing plan exceeded all of the Owner’s operational expectations. Bonaventure was successful in reaching the owner’s very aggressive goal to be 98% leased in less than 12 months.
ONE COMPANY. ONE FOCUS. MULTIPLE SOLUTIONS. MULTIFAMILY.
2700 S Quincy St # 500 • Arlington, VA 22206 www.bonaventure.com • 703-567-4590
2700 S Quincy St # 500 â€˘ Arlington, VA 22206 www.bonaventure.com â€˘ 703-567-4590
CONTACT: Christina Bolter
Director of Property Management
Published on Jan 23, 2014
Bonaventure specializes in multifamily asset management, development, and redevelopment, primarily in the Mid-Atlantic and Southeastern US....