Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/488341
MARKET LEADER STUDENT HOUSING BUSINESS .COM MARCH/APRIL 2015 77 SHB: What drives you to stay in the business? Stosser: Probably insanity. I have always enjoyed the development business. I am a 'dirt' person. I love going out to a piece of prop- erty, standing there and imagin- ing what it could be. I probably should have quit a while ago, but this is a family business. I am starting to make estate plan- ning moves for the portfolio. I like to be busy. I like to travel, sitting in the sunshine and look- ing at the blue water of the beach. Unfortunately, I cannot do that all the time. I always want to build something or plan something and I can always fnd a problem to solve. At one time, I did not have anything to lose, so I would have done some crazy things. Fear is a great motivator. I am a lot more cautious now. With experience, I am a little more conscious of risk reward scenario. It takes los- ing a few to gain that knowledge. I do think you have to lose at some point in your life to learn how to win. I used to say, 'if you get the projects right, the money comes along for the ride.' You have to love development — it is an illness. I enjoy seeing the fnal results of the properties we plan, develop and build — years worth of work — that will last for a long, long time. When we originally bought the project that is now The Edge, I believed that my children would rehab that project one day, and that I would never see that day. Then, the interest rates went too low, and the timing became right! SHB: We see you at a number of industry events. What drives and prompts you to learn more about student housing? Stosser: I believe in all aspects of education. I do not know it all, and I learn something at every event I attend. I fnd it fascinating to listen to the top owners — the ACCs, the EDRs — as to what their criteria is for their investors, what their properties should look like, and what their goals are. As small as we are, those principles still apply. If you do not take that seriously when you are trying to build your own portfolio, it is a big mistake. I think it is a mistake that a lot of developers make. I like to go and learn what every- one else is doing, see where the market is heading nationally, and learn about management tech- niques that other companies use. We are unique unto ourselves here in Blacksburg. I think our man- agement style is different, but we have a system that works. We do not get far away from the initial dedicated circle. Location, loca- tion, location, is all there is. SHB 215.243.7000 | www.campusapts.com ACQUISITIONS. DESIGN AND DEVELOPMENT. CONSTRUCTION MANAGEMENT. PROPERTY MANAGEMENT. FINANCING. TECHNOLOGY. SMART. LIVING. Campus Apartments' capital resources, creative and flexible approach to development, and reputation for being a "best-in-class" operator, have positioned our frm as a partner of choice among both colleges and universities, local and regional developers, and investors seeking 3rd party services. Discover a student housing partner that thinks like you do. we build more than housing It's about building success. campus apartments ® smart. living.