Berkshire at Kensington
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2011Year Built |
177Total Units |
Bringing a Tired Asset Back to Life
Originally constructed as a 196-unit full service senior community on the western edge of the City of Waukesha, the former Oak Hill Village was experiencing vacancy rates exceeding 40%. General Capital acquired the facility after obtaining an allocation of Section 42 tax credits from WHEDA. The $17.1 million project included consolidating obsolete studio units, fully renovating all remaining units, a full gut renovation of the common areas and adding two underground parking garages (a previous detriment to leasing). The newly renovated community was added to General Capital’s senior portfolio as the “Berkshire at Kensington.”
The renovation had an immediate impact on leasing. The community reached stabilization within four months of renovation. Word of mouth played a critical role in the property’s quick lease up, largely due to existing tenants spreading the news of the positive improvements to the property. New and old residents have formed a tight-knit community with numerous clubs, classes and other self-directed activities.
KEY THEMES
- Transformational redevelopment repositioned a struggling senior housing community into a modern, highly desirable active adult destination
- Extensive renovation reconfigured apartment layouts, modernized common spaces, and added underground parking to improve resident experience
- Comprehensive amenity package supports independent living with wellness, social, recreational, and lifestyle-focused spaces for residents age 55+
- Affordable housing strategy provides high-quality residences with predictable, all-inclusive rent that includes major utility services
- Ongoing sustainability initiatives continue to improve operational efficiency while reducing long-term energy consumption and environmental impact
RESULTS
- Successfully completed a redevelopment delivering 177 affordable senior apartment homes in Waukesha
- Achieved full leasing stabilization within four months following completion of the property's comprehensive renovation
- Modernized residences and community spaces with updated interiors, expanded floor plans, and two new underground parking garages
- Created an active senior living environment featuring a fitness center, library, beauty salon, business center, chapel, and multiple resident gathering spaces
- Implemented ongoing energy optimization initiatives to improve building performance and support long-term operational sustainability
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