January 23, 2025
In 2023, Lead Equity Group (LEG) was tasked with revitalizing the operational and financial performance of West Campus Lofts, an off-campus student housing property catering to Baylor University students. This 180-bed Class “A” vintage asset had long struggled with underperformance, failing to achieve the occupancy levels necessary to drive optimal cash flow. Despite its prime location, rental rates were drastically below market standards for the Waco, TX area, contributing to its inability to attract and retain tenants.
Upon taking control, LEG implemented a series of strategic initiatives focused on operational efficiency, market repositioning, and enhanced tenant engagement. The team integrated daily processes rooted in transparency and accountability, ensuring all operational aspects aligned with best practices. This proactive approach not only stabilized occupancy but also led to a dramatic turnaround. Within just one-year, West Campus Lofts surpassed a 95% occupancy rate and achieved a year-over-year increase in rental rates that outpaced the market.
By strategically adjusting pricing to reflect current market conditions and fostering a strong culture of customer service, the property began to stand out as a leader in the competitive Waco housing market. These efforts were reflected in a significant boost in resident satisfaction, with the asset achieving an average review rating of 4.5 out of 5 across multiple platforms. As a result, ownership was positioned to see a rapid increase in financial returns.
The success of this transformation culminated in a prestigious recognition from the Heart of Texas Apartment Association, which awarded West Campus Lofts the "Property of the Year – Vintage" title in December 2024. This case exemplifies the remarkable ability of LEG to turn around underperforming assets through strategic management, market insight, and a commitment to excellence, positioning West Campus Lofts as a market leader and a prime asset for future investment growth.
By Mikkel O’Banion
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