Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/488341
SHB INTERVIE W STUDENT HOUSING BUSINESS .COM MARCH/APRIL 2015 73 SHB: What have been your favor- ite types of projects to work on? Smith: I have a passion for work- ing on complicated, mixed-use, high-rise projects with rooftop amenities and foor-to-ceiling glass. That said, the architect in me loves a good adaptive re-use project (maybe for the complex- ity) where an underutilized build- ing can be repurposed as new as we did to two historic and land- marked offce buildings in down- town Chicago and converted into modern student apartments (Infnite Apartments Chicago, formerly the Gibbons and Steger buildings). We liked it so much, we are doing it again a few blocks away and converting a turn-of- the-century insurance headquar- ters, the Old Colony Building, into the Arc at Old Colony Apartments. SHB: What challenges do you see facing the student housing indus- try going forward? Smith: Many challenges out of our control have the industry at risk today but a few of the biggest include the declining college-age population; the cost of attending a four-year college; interest rates and their effect on cap rates; the rising cost of construction; and the threat of overbuilding. Most would say overbuilding is the top concern in the industry and I tend to agree. But we continue to fnd micro opportunities in a broader macro market. By this I mean that a development at College Avenue and Main Street on an overbuilt campus is still a sound invest- ment given its location if devel- oped with the right fundamentals in mind. SHB: What makes you excited about coming to work everyday? Smith: I love both the real estate business and student housing business in general and it's been fun to watch it mature from a 'niche play' within multifamily to a recognizable and sought-after asset class by countless private equity and life company frms as well as high net worth individu- als. In addition, I love the people at CA as we've created a highly energetic and motivated group of individuals who also really love the business. SHB: What do you like to do out- side work? Smith: Outside of the offce, I have my hands full raising three young boys all under fve years of age with my wife, Julia. We enjoy spending time with family, travel- ing and being outdoors. SHB Enhance any environment with fexible and contemporary Doozie lounge pieces. Confgure Doozie pieces to be used in an individual or group setting whether it be for universities, corporate lobbies, hospitality, children centers or informal collaborative spaces. Grand Rapids MI: 877.613.2012 | Lacey WA: 888.315.1579 | www.rtlondon.com FLEXIBLE | MODULAR | MODERN Meet Doozie Endless Confgurations for any space