Bringing a Tired Asset Back to Life
Berkshire at Kensington is a 177-unit affordable senior housing community located on the western edge of Waukesha, Wisconsin. Originally constructed as Oak Hill Village, a 196-unit full-service senior community, the property was experiencing vacancy rates exceeding 40% when General Capital acquired it. Supported by an allocation of Section 42 affordable housing tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA), General Capital undertook a $17.1 million redevelopment completed in 2011. The extensive renovation consolidated outdated studio apartments into larger residences, modernized all remaining units, completely renovated common areas, and added two underground parking garages to address previous leasing challenges.
The transformation had an immediate impact on leasing, with the community reaching stabilization within just four months of completing renovations. Improvements to the property and positive word of mouth from existing residents helped attract new tenants and establish a thriving 55+ community. Modern amenities, including a fitness center, library, beauty salon, business center, chapel, and gathering spaces, support independent living and resident engagement. Today, Berkshire at Kensington offers affordable senior housing with opportunities for social activities, clubs, classes, and community connections, demonstrating the impact of strategic reinvestment in an underperforming residential property.
Key Themes
- Senior housing revitalization repositioning an underperforming residential community.
- Comprehensive renovation modernizing apartments, common areas, and parking infrastructure.
- Affordable senior housing supported by WHEDA Section 42 tax credits.
- Resident-focused amenities encouraging independent living, wellness, and community engagement.
- Strategic asset repositioning addressing high vacancy through targeted property improvements.
Results
- $17.1 million redevelopment completed in 2011.
- 177 senior apartments delivered through renovation and unit reconfiguration.
- Full leasing stabilization achieved within four months of renovation.
- Two underground parking garages added to improve resident convenience.
- 40%+ initial vacancy overcome through comprehensive property repositioning.