Student Housing Business

MAR-APR 2016

Student Housing Business is the voice of the student housing industry.

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TOP DEVELOPERS MARCH/APRIL 2016 STUDENT HOUSING BUSINESS .COM 44 Top Student Housing Developers A survey of the industry's Top Developers reveals approximately 150,000 beds reported underway between now and fall 2019. By Student Housing Business Staff T To determine the activity of development in the industry, SHB recently surveyed active developers in the industry to see which companies were most active and to gauge the volume of total development. Taking a four-year outlook, we asked developers to forecast what they have planned (defned as under construction, under active planning or "on the boards") to open by fall 2019. We originally ran the survey in conjunction with our Top 25 Own- ers survey in fall 2015, then updated the numbers in winter 2016 by contacting the responding companies, as well as other active developers not on the Top 25. The results of the survey show that approximately 150,000 beds are planned for development through fall 2019 by private student housing developers. That number takes into account a margin for the number of beds in our totals that may be double-counted due to partnerships that exist between companies ranked. The major- ity of respondents reported they more than one project planned, with the average developer having more than eight projects planned by fall 2019, showing that the industry's developers are not slowing down. The top 10 developers in our list (excluding Harrison Street, who co-invests with other developers among the top 10) account for more than half of the beds being developed. The top developer among survey respondents is Athens, Geor- gia-based Landmark Properties. Landmark has 30 projects con- taining more than 20,000 beds under development. Among prop- erties the company has under development are The Mark, a 928- bed project near the University of Georgia; the 796-bed Retreat at College Station near Texas A&M; and The Metropolitan, a 501-bed project in State College, Pennsylvania, near Penn State. Running second is American Campus Communities, which has 17,400 beds under development through fall 2019. ACC reported recently that it has $443 million in development for fall 2017, along with $307 million in development being delivered in fall 2016. Among the properties that ACC will open this fall are the 456-bed Currie Hall at the University of Southern California; the 400-bed U Club on 28th, an off-campus housing development near the University of Colorado in Boulder; the 633-bed Fairview House at Butler University in Indianapolis; and the 531-bed Uni- versity Pointe project with the University of Louisville. Ranking third is Chicago-based CA Ventures, with more than 15,000 beds planned. The company is on a growth trajectory that targets eight to 10 new projects per year, according to an inter- view SHB conducted with COO JJ Smith in 2015. The company would like to own 30,000 beds in three to four years. In 2015, the company acquired six development sites from Campus Crest Group as CCG was exploring strategic alternatives. Among the projects on CA Ventures' drawing board are Uncommon Athens (University of Georgia), Uncommon Charlottesville (University of Virginia); and Here Kansas (University of Kansas). Ranking fourth on our list is RISE: A Real Estate Company. Development Planned Through Fall 2019 Company # of projects # of beds Landmark Properties 30 20,455 American Campus Communities 27 17,400 CA Ventures 32 15,351 RISE: A Real Estate Company 14 12,627 Harrison Street Real Estate Capital 20 11,828 Core Spaces 18 9,547 EdR 13 7,957 Aspen Heights 14 7,650 Sterling University Housing 11 7,525 Trinitas Ventures 9 6,766 Capstone Development Partners 7 5,800 Haven Campus Communities 8 5,723 Annex Student Living 22 5,521 University Student Living 7 4,412 Park7 Group 6 4,380 Fountain Residential Partners 6 3,936 Corvias Campus Living 7 3,753 Balfour Beatty Campus Solutions 4 3,059 Capstone Collegiate Communities 3 2,347 Gilbane Development Company 6 2,218 University House Communities 4 2,166 The Preiss Company 5 2,110 The Collier Companies 5 2,000 Blue Vista Capital Management 3 1,587 Chance Partners 4 1,500 CampusWorks Development 4 1,450 Campus Village Communities 6 1,303 The Scion Group LLC 2 1,211 Virtus Real Estate Capital 2 1,163 Columbus Pacifc Properties 2 1,034 Investment Property Advisors 2 901 Campus Advantage 2 874 Student Quarters 1 550 Pierce Education Properties 1 433 Orion Student Housing 2 400 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

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