Reviving Chelsea House into Premium Housing
Located in downtown Montréal , Chelsea House was a multifamily property with untapped potential. Despite being near major universities, it struggled with outdated finishes, low rents, and an aging tenant base. Our goal was to reposition it into premium student housing, turning it into a high-demand rental destination.
The Challenge: An Outdated Property
Chelsea House had the right location but lacked the appeal needed to attract students and young professionals. Outdated finishes and a lack of modern amenities kept it from competing in the crowded rental market. The solution? Reposition Chelsea House to meet the needs of today’s modern renter.
Our Strategy: Modernizing Chelsea HouseRebranding and repositioning Chelsea House required a full overhaul of its identity, leasing, and operations.
- Brand Repositioning: We modernized the brand to emphasize its proximity to universities and updated living spaces. A new website and digital campaigns increased inquiries by 30%, with engagement up 150%.
- Leasing & Marketing: The leasing process was revamped with flexible lease terms and targeted marketing. Partnerships with student organizations increased foot traffic, resulting in a 40% increase in leasing velocity.
- Operations: We optimized unit layouts, resulting in a 12% increase in rent per square foot. Smart upgrades reduced costs by 10%.
- Resident Experience: We introduced 24/7 concierge services and community events to build a sense of belonging. Tenants enjoyed loyalty programs with local business discounts, which improved retention.
Leasing & Marketing: Attracting the Right Tenants
The Problem:
Chelsea House’s leasing pipeline was slow, and the property wasn’t attracting the high-quality tenants it could. The leasing process was outdated, and modern marketing strategies hadn’t been applied to reach the ideal audience.
The Fix:
We revamped the leasing process and applied targeted marketing strategies to attract the right market.
- Flexible Leasing Options: Introduced lease terms aligned with students' academic calendars, offering both short-term and long-term leases.
- Partnerships & Events: Collaborated with local student organizations to host leasing events, increasing foot traffic and awareness.
- Digital Campaigns: Our digital marketing efforts targeted students and young professionals, increasing interest and inquiries.
Operational Overhaul: Maximizing Rent and Efficiency
The Problem:
Chelsea House’s outdated amenities and inefficient property management were limiting its profitability. Operational inefficiencies led to higher maintenance costs and rents lower than the market could support.
The Fix:
We focused on both improving the units and enhancing operations to maximize rent potential and reduce costs.
- Unit Renovations & Layout Optimization: We renovated units and optimized floor plans, increasing rents per square foot by 12%.
- Cost Savings: Implemented energy-efficient upgrades like smart thermostats and low-flow plumbing fixtures, reducing operational costs by 10%.
Enhancing the Resident Experience: Creating a Community
The Problem:
While modernizing the units was important, it was crucial to foster a sense of community. Chelsea House needed to offer more than just a place to live—it needed to provide a lifestyle.
The Fix:
We focused on creating a community atmosphere that appealed to students.
- Community Engagement: Hosted events like movie nights and local tours to connect tenants.
- Hospitality-Style Management: Introduced 24/7 concierge services for immediate tenant support.
- Loyalty Programs: Implemented discounts for local businesses, enhancing tenant satisfaction.
