Ivy Row Troy: Rising from the Ashes

In the midst of uncertainty and challenges brought on by the COVID-19 pandemic, Caliber Living took on the task of reviving Ivy Row at Troy, a Creed Group student housing property that had faced lease-up issues under previous management. Our mission was clear: to breathe new life into Ivy Row Troy and showcase the value we bring to the properties we manage and lease.

Our journey began with a goal: achieve a 40% pre-lease rate by December 31, 2023, with an average rental rate increase of 6.95% from the previous year. Despite the odds stacked against us, our team hit the ground running operationally and simultaneously launched a comprehensive marketing campaign that exceeded all expectations.

The response was nothing short of phenomenal. Within the first three weeks of the campaign's launch, Ivy Row at Troy was pre-leased to its 40% goal, surpassing projections and setting the stage for success. But we didn't stop there.

As demand surged beyond our initial forecasts, we swiftly adjusted our rate tier plan upward to capitalize on the opportunity. The results spoke volumes. By the conclusion of the campaign on December 31st, Troy had achieved an impressive pre-lease rate of 62.54%, exceeding our goal by over 22 percentage points.

But the success didn't end with occupancy rates. Our strategic efforts also drove significant growth in rental rates. Troy achieved an average rental rate of $723 per bed, representing an impressive increase of 7.95% from the prior year's rate.

“In the face of challenges, including a late delivery and a mid-year management shift, Troy's future was unsteady. However, through a strategic redefinition of our brand, fostering community and university relations, and enhancing the resident experience, Troy underwent a remarkable transformation” Dezerin Grayer, Regional Leasing Manager responsible for Troy's leasing efforts.

At Caliber Living, we understand the importance of not just meeting but exceeding expectations. Our success story with Ivy Row at Troy is a testament to our unwavering commitment to delivering exceptional results for our clients. We take pride in our ability to navigate challenges, adapt to changing landscapes, and ultimately, drive performance and value for the properties we manage and lease.

As we continue to chart new territories and redefine industry standards, we invite you to partner with Caliber Living and experience the difference firsthand. Together, let's turn challenges into opportunities and write the next chapter of success.