LEVERAGING INTEL TO SET THE COURSE FOR THIS UPSCALE CHESAPEAKE APARTMENT COMMUNITY.
THE PROJECT: In May 2013, Catalyst Development Partners acquired The Carlton at Greenbrier, a 176-unit luxury apartment community in Chesapeake, Virginia with an average unit size of 1,095SF. Gated-community amenities include: grand pool with wet-lounge entry, clubhouse outfitted for entertaining, business center, mezzanine fitness center above clubhouse, outdoor grilling area, professionally landscaped, resident fire pit lounge, and 24-hour maintenance. This central location is 1 block from Greenbrier Mall with close proximity to top rated Hampton Roads School System and Naval Security Group bases surrounding the Northwest Annex in Virginia.
THE CATALYST: In August 2014, Catalyst Development Partners repositioned property branding, by renaming the community as The Carlton (previously called The Carlton at Greenbrier) with a logo, website and marketing design. The purpose of renaming the property and redesigning the logo was to accurately represent the resident population at The Carlton and to resonate with their sense of style and expectations for a contemporary luxury community. Catalyst upgraded all common area spaces, adding clubhouse enhancements, cabanas at the pool deck, hi-tech LED lighting and wet-lounge seating within pool entry. After careful consideration of variables that impact rent performance, Catalyst instituted an industry-leading revenue management software system, as an early adopter of this technology in the Cheasapeake market. This revenue management software helped to maximize rent potential and minimize risk in vacancy exposure.
THE RESULT: As a result of CDP's critical analysis of variables that impact brand image, resident retention, prospect appeal, and rent performance, The Carlton held the highest rents in the market, even during two new community lease-ups. Subsequent to this achievement of rent growth, improved operations and maintaining 100% leased status, Catalyst Development Partners sold The Carlton in January 2016.