Alt Residential Secures First Operator Mandate with Carpe Diem Partners
Posted to Linkedin
Exciting news from Alt Residential!
We’ve recently taken the reins at 39a Elizabeth Bay Rd, the first acquisition for Carpe Diem Partners Pty Ltd new Prime Living Fund and our first operator mandate with a third‑party funds management platform.
Upon asset handover in early August, this six‑storey co‑living asset was sitting at ~70% occupancy. Our team hit the ground running, resetting the resident cohort toward longer stays, widening our marketing funnel and elevating the resident experience. Within six weeks, occupancy has climbed to 98%, gross revenue is up ~34%, while the average tenancy length for new residents has doubled. These results highlight both our team’s dedication and Alt Residential’s proven ability to stabilise assets quickly and effectively.
Now that the property is operating smoothly, we’re focusing on:
Lifting the average length of stay and reducing churn across both existing and new residents.
Reviewing rents ahead of Sydney’s high‑demand summer period.
Streamlining operations and making targeted OpEx investments to support the operational needs of an asset at 98% occupancy and a larger resident base.
Working with Carpe Diem Partners on capex upgrades that enrich the resident experience and underpin sustainable rental growth.
This success brings our portfolio to 528 units across our build‑to‑rent and co‑living sectors, in pipeline or under management. A huge thanks to the teams at Alt Residential and Carpe Diem Partners for their trust and hard work. We’re thrilled to see the Prime Living Fund off to a solid start!
If you’re an asset owner or investment platform interested in discussing residential living assets, please feel free to reach out.