LEDGER
UNION MARKET
LEDGER
UNION MARKET
Strategy
Research
/2023
Strategy for complete asset
turnaround
Ledger Union Market, a 134-unit Class A multifamily in Washington, D.C., was struggling. Occupancy had slipped to 67%, more than 25% of tenants were delinquent, and the property lagged behind its neighborhood in both design and rents. Despite sitting in one of D.C.’s most dynamic, creative corridors, the building lacked a clear identity and consistent management.
The mission was bigger than just filling apartments — it was about transforming Ledger into a boutique, design-forward community that matched the energy of Union Market and could compete at the top of the submarket.
The ownership group brought us in with a clear mandate: stabilize the property quickly, reposition it for long-term growth, and rebuild resident trust.We got to work on four key challenges:
- Rebrand the Asset: Create a differentiated identity that spoke to the lifestyle of Union Market residents.
- Fix Leasing Velocity: Turn a distressed leasing pipeline into a predictable engine of occupancy growth.
- Cut Operational Inefficiencies: Reduce bloated OpEx from prior mismanagement while maintaining resident quality of life.
- Rebuild Resident Experience: Elevate the tenant journey to improve satisfaction and retention.
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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We approached Ledger like a full turnaround mandate, deploying strategy across operations, leasing, branding, 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 18 months, Ledger was transformed from a distressed building into one of Union Market’s most desirable communities.
- +30% Rental Rate psf
- 89% Occupancy achieved within 12 months
- 3.75x NOI improvement
- 11.7% reduction in operating expenses
- 92% tenant satisfaction score
The turnaround proved that with branding, operational excellence, and hospitality-driven management, even a struggling asset can become a market leader.
