LEDGER
UNION MARKET
LEDGER
UNION MARKET
Strategy
Research
Ledger Union Market is a 134-unit Class A rental community in Washington, D.C.’s Union Market district, one of the fastest-growing creative and lifestyle hubs in the city.
Despite its location and strong building fundamentals, Ledger had become severely distressed under prior management. At takeover, the property was operating at 67% occupancy, with 25%+ delinquency, weak leasing performance, inconsistent service delivery, and a deteriorating resident experience.
The building’s reputation no longer reflected its design, amenities, or potential. The opportunity was clear: Ledger needed a complete operational, leasing, and brand reset to recover lost NOI and reposition the asset within a highly competitive market.
1. Stabilize the asset quickly
Reverse occupancy decline and regain momentum in a submarket experiencing high vacancy and new supply.
2. Rebuild operations from the ground up
Establish strong governance, eliminate inefficiencies, and professionalize daily management.
3. Restore resident trust
Improve service levels, communication, and responsiveness to boost retention.
4. Unlock rent growth
Modernize the building’s positioning and pricing strategy to achieve above-market rents.
30%
Increase in Rental Rate psf
11,7%
Reduction in Operating Expenses
89%
Occupancy achieved within 12 months
92%
Tenant Satisfaction Score
3.75x
NOI Improvement
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1. Full Operational Overhaul
- Implemented new SOPs for service, communication, and building maintenance
- Reduced operational inefficiencies and renegotiated vendor contracts
- Introduced daily reporting and weekly KPI reviews tied to occupancy + NOI
- Stabilized delinquency through clear processes, transparent follow-ups, and resident support
2. High-Velocity Leasing System
- Rebuilt pricing tiers and concession strategy
- Overhauled digital marketing, photography, and ad funnels
- Implemented rapid-response lead handling and structured follow-ups
- Repositioned Ledger toward remote workers, creatives, and professionals drawn to Union Market’s lifestyle
3. Brand Repositioning & Market Perception Reset
- Premium, design-forward apartments with oversized layouts
- Pet-friendly environment
- Lifestyle-oriented common spaces
- Located steps from Union Market’s restaurants, cafés, and cultural venues
4. Resident Experience Transformation
- Introduced hospitality-style service and communication
- Improved maintenance turnaround times
- Resolved long-standing issues inherited from prior management
- Hosted community programming to rebuild engagement and loyalty
