Rebranded Student Housing Wins National Awards
- May 21, 2012
Denver—Distressed student housing no longer, WestMar Student Lofts in Atlanta recently won the 2011 Best Turnaround Project and 2011 Best Leasing and Marketing Program at the Student Housing Business Awards in Austin, Texas.
Cardinal Group Investments (CGI), a Denver-based student housing owner and operation, purchased the 1,200-bed student housing property. Originally called MetroPoint Lofts, the community was built in 2005 and was suffering from a negative market impression because of several violent crimes, and implemented a full-scale marketing and rebranding campaign for the community. This included a $2.5 million renovation program and renaming the property to Westmar Student Lofts.
“We had to change the property’s name, completely overhaul its image and improve the amenities to be successful,” Tom Waldron, principal, CGI, says. “The substantial capital improvements and our extensive rebranding campaign were successful in attracting students back to the property, and within 12 months we had 98 percent of the property leased.”
CGI typically turns around student housing by taking older communities and rebranding and refurbishing them to fit the needs of today’s students. Currently CGI manages a portfolio of more than 3,500 student beds.
“We were excited to receive the awards,” Waldron says. “Turning Westmar into the student housing community that it is today required diligence and a lot of dedication from every Cardinal team member, from the principal level on down to the property. It was a special night and a special recognition.”