Our proven lease-up success
Throughout our history, The Hearth has remained successful in ramping up occupancy by following our formula of high touch, meaningful support from key team members being on site daily during ramp up, and weekly support nearing stabilization.
An early example of this process played out in 2003, during The Hearth at Prestwick’s opening. Starting from an empty building, our community and support staff were able to lease the building to 83% in less than 24 months. Prestwick was on track to be stabilized by 27 months, before being sold in early 2006.
More recently, this successful strategy was demonstrated at The Hearth at Glastonbury in late 2014. Glastonbury hit stabilization in 24 months, thanks to the constant support of our key management team, who again used our all-hands-on deck approach to hit all occupancy targets.
Overall, our time to stabilization has averaged 37 months for new developments and 23 months for acquisitionsrepositions.