CHELSEA
HOUSE
CHELSEA
HOUSE
Strategy
Research
/2023
Strategy for complete asset
turnaround
Chelsea House, located in the heart of Montréal’s student corridor, was a legacy multifamily property with strong bones but outdated finishes and underperforming rents. The building was strategically positioned near major universities, but it struggled to stand out in a highly competitive rental market, especially with an aging tenant base and outdated amenities.
The challenge was clear: reposition Chelsea House to capitalize on its prime location, optimize its unit layout for higher rents, and appeal to the growing demand for modern, flexible living spaces catering to students and young professionals.
The ownership group needed a comprehensive strategy to:
- Rebrand and reposition Chelsea House as a premium student housing option.
- Increase rents through targeted renovations and layout optimization.
- Enhance tenant experience with hospitality-style services and community-focused initiatives.
The specific goals were to:
- Optimize unit layouts to meet the demands of modern student housing, including converting units into shared spaces.
- Enhance tenant retention through high-touch property management and community-building activities.
- Increase revenue by attracting a higher-quality tenant base through design and service improvements.
38%
Increase in NOI through higher rents
26%
rental rate increase with modernized amenities
100%
lease-up within 3 months.
92%
tenant retention with enhanced community engagement.
We treated Chelsea House as a full-scale repositioning, executing across branding, leasing, operations, and resident engagement.
- Brand Repositioning
- Developed a new identity, visuals, and creative suite that repositioned Ledger as a lifestyle-driven property.
- Launched professional media, events, and online campaigns that matched the aesthetic of the neighborhood.
- Leasing Engine & AI Creatives
- Built a high-velocity leasing system with real-time feedback loops for pricing, concessions, and marketing.
- Leveraged AI-driven creatives and targeted digital campaigns to attract high-quality leads.
- Operational Overhaul
- Streamlined property management processes, reducing operating expenses by 11.7%.
- Implemented clear reporting, accountability, and financial discipline.
- Resident Experience Reset
- Rolled out hospitality-style resident services, including onboarding, surprise-and-delight perks, and community events.
- Created a modern communication loop with residents to rebuild trust and satisfaction.
In just 12 months, Chelsea House was repositioned from an underperforming asset to a premium student housing community.
- 38% increase in NOI through higher rents and improved occupancy.
- 100% lease-up achieved within 3 months of marketing launch.
- 26% higher rent per unit from optimized layouts and modern finishes.
- 92% tenant retention with enhanced community engagement.
Positioned as a top choice for students and young professionals, with long-term growth potential.
