Student Housing Business

SEP-OCT 2018

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

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COMPANY PROFILE September/October 2018 43 remain office space. The company also owns two additional assets in the market, which include 112 Green, a 120-bed property that was delivered in 2014 and 907 Third, an 88-bed property half a mile from campus, which was delivered in 2008. "Champaign and Lubbock are two of the toughest markets in the country," Mtunga says. "We've been able to compete and stand out in both markets." Mtunga says XFD's repositioning of Park East has set it on a course to becom- ing one of the top performing assets in the Texas Tech market. "From a scale standpoint, we're now looking to continue to branch into other markets. On a national basis, anyone who knows any- thing about our company and our makeup understands that we have the capacity to operate properties in any market." Larson's outlook is that only sites within a half-mile from cam- pus will fit XFD's development profile, but existing properties that are further away could be targets for acquisition. XFD is also rolling out a third- party management services plat- form this fall, which will include management and advisory ser- vices. "We are an entrepreneurial group, and we think we can add that owner's mentality to every- thing we work on for our clients through a boutique third-party management shop," Larson says. XFD's advisory services pro- gram is designed to offer new owners in the space a chance to benefit from XFD's industry knowledge. "Our experience as operators, owners and developers on a national scale allow us to bring a best-in-class approach to our advisory practice," Mtunga says. "We have a unique perspec- tive to building design and proper- ty finishes, an unmistakable iden- tity, and we are looking forward to the marketplace discovering that. We can add value from reviewing underwriting and comprehensive project planning, all the way down to actually managing the lease up of a property." "If it's a repositioning, we can handle that, too," Mtunga says. "We have the bench to execute on such projects and the experience to be successful in all of those lanes. We have been able to attract staff from all of the major operators who are willing to work hard and be part of a group that has a lot of potential to grow. If you enter on the ground level today, the chanc- es of you growing and achieving your career goals are pretty high with us." Larson says the third-party management platform will offer owners a different approach to tra- ditional third-party management. "We think we can offer people some real options moving forward when it comes to managing their projects. It's evident that there is space in the industry for a more high-touch approach to manage- ment," he says. Larson points out that one of XFD's differentiators is that it is 50 percent minority and female- owned. Libby Larson Holdren and Anne Larson are partners in the business. "That can be an advan- tage if your platform has a man- date to invest with minority and female-owned businesses." The company's size and the depth of the team's experience are its two key strengths, says Mtunga. "Our size today is a great advantage for us. Being a small shop allows us to offer a signifi- cant amount of focus from our company executives to our current partners and future clients. We are not disconnected from the projects we work on, and as owners, we have a long-term approach to our decision-making that focuses on achieving the best possible out- come." SHB C H I C A G O | L A FAY E T T E | I N D I A N A P O L I S DOUG LARSON President, XFD Real Estate Partners SAMUEL MTUNGA COO, XFD Real Estate Partners

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