Ledger Union Market: A Playbook Multifamily Turnaround
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Ledger Union Market: A Playbook Multifamily Turnaround
When we took over Ledger Union Market, it wasn’t broken, it was just underperforming. The fundamentals were strong: great location, modern design, strong demographic demand. But the execution lagged. Leasing momentum had stalled, operations were disjointed, and perception wasn’t matching the product.
This is how Fox RE rebuilt Ledger from the inside out, turning a struggling D.C. asset into a stabilized, high-yield performer.
1. Diagnose the Real Problem
Every turnaround starts with honesty.
Ledger’s challenge wasn’t occupancy; it was conversion. Great tours, poor follow-through. Beautiful building, inconsistent message.
We audited every touchpoint: marketing, pricing, photos, communication flow, and the leasing experience itself.
The result was a clear diagnosis: the story wasn’t selling the product and operations weren’t supporting the story.
2. Rebuild the Leasing Engine
You can’t fix what you don’t measure.
We rebuilt Ledger’s leasing process from the ground up, re-shooting every unit, rewriting every listing, and rebuilding every ad campaign to match how today’s renters actually search.
Then we deployed a new tech stack:
Automated tour confirmations and follow-ups
AI-assisted call routing to capture every lead
Real-time pricing visibility synced to CRM
Within weeks, conversion rates climbed. Ledger was back in the conversation.
3. Align the Operations
Marketing brings people in. Operations make them stay.
We implemented hospitality-grade systems: digital move-in packets, responsive maintenance tracking through CompanyCam, and resident communication standards that mirrored top-tier hotels.
Leasing, maintenance, and management were synced under one reporting cadence — weekly pulse, monthly dashboard.
That integration created consistency, and consistency created trust.
4. Fix the Perception
A good building underperforms when perception lags behind reality.
Ledger had the physical product but not the emotional brand. We reframed the property story around its strengths — large floorplans, real gas stoves, pet-friendly policies, and proximity to Union Market’s energy.
New photography. New tone. New legitimacy.
The building’s personality finally matched its experience.
5. Measure the Delta
A turnaround is only real when the numbers move.
Ledger’s NOI trajectory told the story:
Vacancy down double-digits
Renewal rates up
Operating expenses optimized through vendor consolidation
Resident satisfaction scores improved across the board
Every Friday, ownership saw the delta: clear, data-backed proof of performance.
The Fox RE Model: Accountability in Action
Ledger wasn’t just a case study, it was a proof of concept.
At Fox RE, we don’t manage for stability. We manage for improvement.
Our team integrates leasing, marketing, and property management into a single accountable system, measured by results, not activity.
End-to-End Execution — From ad campaigns to renewals, one line of ownership.
Performance-Based Economics We win when NOI rises.
Visible Deltas — Weekly reports, monthly decks, no excuses.
The Takeaway
Turnarounds aren’t about saving properties, they're about realizing potential.
Ledger Union Market reminded us that the right systems, story, and accountability can turn any asset into a performer.
If your building has the fundamentals but not the results, it’s time to run a new playbook.
