Student Housing

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

by Jaime Lackey May 10, 2022

The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …

May 10, 2022

California Features Student Housing Western Western Feature Archive

Yardi: Student Housing Shows Healthy Rent Growth, Preleasing Levels for Fall 2022

by John Nelson May 5, 2022

SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report. As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the average rent per-bedroom for fall 2022 is $777. These figures are based on the company’s “Yardi 200” markets, which include the top 200 investment-grade universities across all major collegiate conferences, including the Power 5 conferences and Carnegie R1 and R2 universities (research universities in the Carnegie Classification of Institutions of Higher Education). A handful of university markets were almost fully preleased as of March, with Purdue University (99.9 percent preleased), the University of Pittsburgh (99.8 percent preleased) and the University of Wisconsin-Madison (98.3 percent preleased) topping the list. Few universities are struggling with fall 2022 preleasing so far, but those that are tend to have higher acceptance rates, according to the report. The University of Houston had the …

May 5, 2022

Development Southeast Student Housing Virginia

Pinecrest Breaks Ground on 509-Bed Student Housing Community Near VCU in Richmond

by John Nelson May 2, 2022

RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.

May 2, 2022

Acquisitions Georgia Kentucky Southeast Student Housing Virginia

Vesper Holdings Acquires Student Housing Portfolio for $240M

by John Nelson April 29, 2022

NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.

April 29, 2022

Acquisitions Multifamily South Carolina Southeast Student Housing

Armada Hoffler Disposes of Student Housing Property in Charleston

by Julia Sanders April 26, 2022

CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.

April 26, 2022

Acquisitions Company News New York Northeast Student Housing Texas Top Stories

Blackstone Agrees to Acquire Student Housing Giant American Campus Communities for $12.8B

by Katie Sloan April 19, 2022

NEW YORK CITY AND AUSTIN, TEXAS — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States. Blackstone plans to take the company private through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, which unlike its traditional private-equity funds can hold properties as long-term investments, according to media sources. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder and CEO of ACC, in a letter to employees. During that time, many of the private players in the sector were able to acquire and develop more aggressively than the cost of public equities permitted. The purchase price represents a premium of 22 percent against ACC’s 90-day, volume-weighted average share price as of April 18, and a 30 percent premium over the company’s closing stock price on Feb. 16, the day prior to ACC disclosing an indication of willingness from Blackstone to acquire the Austin-based firm. This transaction marks Blackstone’s largest investment …

April 19, 2022

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Brokers $150M Sale of Illinois Student Housing Portfolio

by Kristin Harlow April 15, 2022

CHAMPAIGN, ILL. — Marcus & Millichap has brokered the $150 million sale of a student housing portfolio comprising over 50 properties near the University of Illinois Urbana-Champaign campus in Champaign. The transaction represents the highest-ever portfolio sales price for Champaign County, according to Marcus & Millichap. The portfolio totals nearly 1,100 units. The newest property was constructed three years ago, while the oldest is more than 50 years old. Scott Harris and Bryan Kunze of Marcus & Millichap represented the seller, Campus Property Management, and procured the buyer, Fairlawn Capital. The buyer plans to reposition a number of the assets through unit upgrades and amenity additions.

April 15, 2022

Arizona Development Mixed-Use Multifamily Restaurant Retail Student Housing Western

Joint Venture Breaks Ground on 1 MSF Central Station Mixed-Use Development in Downtown Phoenix

by Amy Works April 14, 2022

PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …

April 14, 2022

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Buys 672-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams April 8, 2022

SAN MARCOS, TEXAS — Austin-based Palladius Capital Management has purchased The Heights, a 672-bed student housing community serving students at Texas State University in San Marcos, located south of the state capital. The property is located about three miles from campus, comprises 240 units and offers amenities such as a pool, fitness center, clubhouse and study lounges. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program focused on unit interiors, building exteriors and amenity spaces.

April 8, 2022

Acquisitions Development Georgia Multifamily Southeast Student Housing

Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion

by Julia Sanders April 8, 2022

CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.

April 8, 2022

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