Posts filed under ‘Student Housing’

Two Greensboro Properties Sold for $11.3 Million

According to this article in the Triad Business Journal, Atlanta-based St. Clair Holdings has acquired two apartment communities near UNCG:

St. Clair Holdings acquired The Park at Greensboro at 2119 Spring Garden St. from 2119 Greensboro LLC for nearly $6.5 million and The Collegiate Courtyard at 1000 Bitting St. from Collegiate Greensboro LLC for $4.8 million…

Both The Park and Collegiate Courtyard, located within a stone’s throw of one another, are four-building, 48-unit communities.

If you do the math it looks like The Park at Greensboro sold for $135,000/unit and The Collegiate Courtyard sold for $100,000/unit.

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October 29, 2015 at 8:47 pm 1 comment

Student Housing Providers Adding Corporate Sponsored Perks

As the father of three (three!) college kids I can vouch for the fact that their housing is far different – as in superior – than anything we had back in the dark days of the ’80s. According to this article in the Wall Street Journal their amenities are only getting better:

Big student-housing landlords are joining forces with corporate marketers to ramp up the services they provide to the nation’s 20 million college students.

Many students arriving at their new student apartments this fall are being greeted by corporate promotions ranging from concert invitations to discounts on Uber rides.

The deals typically are structured with little money exchanged between the landlords and companies, although in some cases the landlords pay for the products or services…

Students planning to live this fall at 4th Street Commons, off-campus housing near Florida International University in Miami, got emails with $20 discount codes for Uber Technologies Inc. They also will be able to ride a bike free for up to two hours using the Zagster bike-sharing service, and go to free concerts through a partnership with Interscope Records.

All of this comes at very little cost to the landlord, Florida-based Kayne Anderson Real Estate Advisors, which owns 20,000 student-housing beds around the country.

Of course not all student housing providers are into having these types of partnerships, partly because they aren’t confident they know what will resonate with the students:

While landlords have been under increasing pressure to attract tenants as supply swells, some said they are skeptical of corporate partnerships. That is partly because middle-aged real-estate company executives have little sense of the products a 20-year-old student might consider cool.

I totally get that. I’d wonder why they weren’t excited by a $10 gift card from Cracker Barrel.

September 11, 2015 at 7:09 pm Leave a comment

How to Survive Turn Season (Hint: A Happy Parent Is a Happy Life)

It’s turn season in student housing and NAA’s just in time with a nice “how-to” for surviving it. Here’s a taste:

1. Turn Season.

You can’t have a student housing move-in without the hectic season of turn first! Prepare, prepare, prepare and do your best to make it fun so your team can thrive during these crucial weeks before residents move in.

Isn’t this getting little-to-no sleep thing fun?!

2. Move-In Logistics.

Since move-in day is often one big day for student housing, everything must be just right to keep the check-in process smooth and organized. Create a game plan and lay out your logistics well in advance to ensure the day goes smoothly for everyone involved.

Because a happy parent is a happy life.

Take from a parent of three(!) college kids, that last sentence is spot on.

– See more at: http://www.naahq.org/read/aptly-spoken-blog/down-and-dirty-turn-season#sthash.KZy9CvUJ.dpuf

August 3, 2015 at 5:28 pm Leave a comment

Proposed Apartment Development Targeted at Wake Forest Students

Developer Mike Kelley is proposing to build an 88-unit student housing community he’s calling Deacon Place on 11 acres within walking distance of the Wake Forest University campus:

Plans filed with the City-County Planning Board indicate the development would include 88 total units, with 76 four-bedroom units and 12 two-bedroom units, along with a 6,000-square-foot clubhouse and 1,800-square-foot pool.

“The intent is to provide students with a housing choice that offers ample green space and amenities such as a clubhouse and pool for recreational use while offering a campus-like feeling to the property,” according to the purpose statement included with the plans.

Other potential amenities include sand volleyball courts, an outdoor putting green, cafe seating at the pool, outdoor grilling areas with fire pits and a “hammock hangout area and a study great room,” the plans indicate.

The plans will require the rezoning of three parcels and the case is scheduled to be heard at the August 13, 2015 meeting of the planning board.

August 3, 2015 at 1:04 pm Leave a comment

Student Housing Providers Look Into Mixed-Use Developments

The Wall Street Journal looks at how student housing developers are adding retail, restaurants and hotels into the mix:

Now some developers are transforming student housing yet again, this time adding restaurants, shops and hotels.

The changes reflect a desire among students for services close at hand. “In addition to wanting to live close to campus, students also increasingly seek convenient access to restaurants, coffee shops and other retail stores,” said Brian Veith, assistant director of student housing for the National Multifamily Housing Council in Washington. “Developers are responding to student demand.”…

“Given the right fundamentals and consideration to the creditworthiness of the retail/commercial component, these assets will attract significant buyers that will likely pay a premium for the asset,” said Dorothy Jackman, managing director of the National Student Housing Group at Colliers International.

Sterling Frisco, for example, sold for $223,744 per unit. That is a considerable premium above the average price of $144,160 per unit reported by Real Capital Analytics for student-housing properties sold for $2.5 million or more in the U.S. during 2014…

Judd Bobilin, president and chief executive officer of Atlanta-based development-and-management firm Chance Partners LLC, said that student-housing developers in the past “didn’t want anything to do with retail” because they didn’t want to mix asset classes, which can make projects harder to finance. But now he is seeing mixed-use in about 20% to 25% of the assets being developed.

 

February 26, 2015 at 7:26 pm Leave a comment

Burkely Communities Sells Highland Crossing

The Winston-Salem Journal carried the story of Burkely Communities sold its Highland Crossing student community (Boone) to North State Capital Partners of Charlotte:

Highland Crossing opened in 2013 and consists of 204 beds. It offers a study lounge and fitness center, as well as outdoor amenities that include a pavilion with an outdoor fireplace, grills and sundeck, mountain bike rentals, a nature trail and a hammock garden.

January 16, 2015 at 4:52 pm Leave a comment

New Management Rights the Ship at Greensboro Student Property

PTAA member Burkely Communities received some positive press for the work it’s doing at The District:

A private student housing complex serving UNC-Greensboro, Greensboro College and other area schools that was cited for more than 100 code violations at the end of last year has been cleaned up under its new management team, Burkely Communities, according to company and city officials…

Burkely CEO Sterling Kelly said the building owners had already made a significant investment in repairs prior to his company’s involvement, including an overhaul of the heating and air conditioning system. But a long list of deferred maintenance items had grown overwhelming, so his team has been tackling it systematically during the past several months.

“The work required to fix those items just hadn’t been getting done, though they were relatively inexpensive things like electrical receptacles pulled out of the wall or plumbing leaks or exit doors not closing so the building wasn’t secure,” Kelly said. “Rome wasn’t built in a day and there are still some more things the owner may choose to do, but the first order of business has been doing what was necessary to make the building what I would consider habitable.”

Kelly goes on to say that their work at The District is far from done and they’re concentrating on marketing the property in a similar fashion to their other student properties – moving away from promoting amenities like pools and game rooms and focusing instead on promoting an environment geared towards the more serious students. (You can read more about Burkely’s approach here.)

 

 

August 21, 2014 at 4:58 pm Leave a comment

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