NUOVO
MONTREAL
NUOVO
MONTREAL
Strategy
Research
/2023
Strategy for complete asset
turnaround
Le Nuovo is a premium residential real estate mixed-use project featuring 81 apartments and a pharmacy. The property combines luxury, design, comfort, and convenience. However, during the COVID-19 pandemic (2020-2021), it faced challenges in leasing the vacated units at competitive rates in the Little Italy area.
The developer’s leasing team sought our expertise to:
- Achieve a lease-up target of $2.45 per square foot during the challenging pandemic period.
- Maximize the rental rates in the competitive Little Italy market.
- Create and execute a cohesive marketing strategy to drive leasing momentum.
The key objectives were:
- Repositioning the property with effective branding to attract the right target audience.
- Increasing leasing velocity through strategic marketing and content creation.
- Optimizing lead tracking and media campaigns to ensure cost-effective results.
+2.45$
Rent per Square foot target Achieved
81
Units leased
6
Months to achieve goal
We orchestrated a comprehensive strategy that tackled key areas such as branding, leasing, operations, and tenant engagement.
- Brand Repositioning Developed a new brand identity, reflecting the premium, flexible living space designed for empty nesters and professionals.
- 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 accelerate lease-up.
- Operational Overhaul Streamlined operations to reduce inefficiencies and cut operational expenses, creating a more cost-effective management structure and improving tenant satisfaction.
- Resident Experience Reset Rolled out hospitality-style services, including concierge support and personalized community events, to enhance tenant engagement and satisfaction, ensuring residents felt directly connected to property management.
By repositioning Le Nuovo through targeted branding, optimized leasing systems, and operational improvements, we achieved significant results:
- Increased rental income by maximizing rents and minimizing vacancies.
- Streamlined operations to reduce costs, ensuring the property performed at its highest potential.
- Enhanced tenant satisfaction and retention through high-quality services and community engagement.
In just a short period, Le Nuovo was successfully repositioned, achieving high occupancy and setting a new standard for future developments in the area.
