Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/564824
QUESTION OF THE MONTH JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 30 Watching the developer one-upmanship during recent years has been nothing short of impressive. To that end, there are a number of incredible projects with amenities that have been highly successful in market-specifc appli- cations, such as rock-climbing walls and rooftop decks. However, as an operator, we continue to believe in the fundamentals of amenities that make the biggest impres- sion and ofer the most broad appeal, with an emphasis on quality of life. With that in mind, investments in best-in- class ftness centers, yoga/group ftness, resort pools and hip areas for students to congregate continue to be money very well spent. — Bob Clark, President, Peak Campus Anyone up for climbing walls, rooftop jumbotrons, on-demand ftness, personal ftness counselors, per- sonal academic success counselors, golf simulators, or boxing gyms? The amenities arms race in student housing appears to be continuing based on our review of recent developments. But, there seems to be a spread between developers wanting to deliver the next cool amenity and students desire to pay for that new tricked-out property. Our own review of demo- graphic data and in speaking directly to students in many markets across the country seems to show a trend back to value. We see a re-focusing among students and their parents to basic prin- ciples — proximity to campus and overall value for their dollar. Having said that, robust Internet and in particular a property-wide wireless overlay is becoming a must — frankly, it feels like an absence of oxygen if these systems go down so intense is the negative reaction to any inter- ruption of connectivity. We also see a re-focusing by students to commu- nal and interactive study areas with a full technology suite where they can collaborate with other classmates. Perhaps we're seeing the pendu- lum swing back to value across the board? — Miles H. Orth III, Executive Vice President and Chief Operating Ofcer, Campus Apartments, LLC Contrary to popular belief, students actually do study. Updated study rooms with white boards, smart TVs, wireless printing and study pods with privacy are in high demand and being used at all hours. After that stressful test, students are gravitating to outdoor ame- nities like cross ft equipment, casual lounge areas, and fre pits for gathering. — Zach Borger, Vice President, Sales and Marketing, Aspen Heights Amenities are hot, and will continue to be. We at Kayne Anderson Real Estate Advisors are proud of our portfolio of highly amenitized, A-plus properties. However, we've learned that having a beautiful rooftop pool or sleek resident lounge is not enough anymore; we, in conjunction with our property management frms, need to breathe life into these spaces and create experiences that our residents value. The programming of the amenity spaces has become the name of the game — anyone who attended our Glow party in St. Louis or DJ Battles in Eugene and Tucson would likely agree. — Craig Zogby, Managing Director, Kayne Anderson Real Estate Advisors Amenities—What's Hot? What's Not? The student housing amenity 'arms race' is ever changing, there always seems to be something new on the horizon that we can't wait to try out on the next deal. Certain amenities such as tricked- out ftness rooms and large resort-style pools have withstood the test of time and seem to get even hot- ter with the next tweak. These tweaks at the pool include the addition of jumbotron screens for movie nights and watching the big game along with larger deck space for resident activities. Another hot item includes the addi- tion of more private study rooms — yes, residents actually do study. Not so hot items include steam rooms, over-the-top game rooms and single purpose yoga rooms. — Barrett Kirk, SVP Development, Asset Campus Housing There are many similarities in amenity preference of the on- and of-campus resident. People are liv- ing a more active and outdoor lifestyle so tanning beds, hot tubs and video game rooms are not so hot today, while bike repair stations, basketball courts, pools, yoga and spinning rooms, and other ftness areas are taking their place. We are surprised at how popular and valuable a 24-hour ftness center or basketball court is to our residents. They also congregate at the open areas like pool side grills, cabanas, hammocks and fre pits. Comfortable lounge chairs and groupings in community areas are hot as well. Also in demand are high-tech study labs with multi-media technology, reliable, robust and fast Internet access, free printing, and independent and group study areas. Dry erase boards/walls, projectors and tables with elec- tric plugins for laptops/phones are also a must for today's students." — Christine Richards, COO, EdR Size matters… Bigger beds, bigger closets, bigger TVs. More channels, more broadband, more utilities, more parking, more luxuries, more comfort, more service... more FREE! And defnitely more mascot puppies! Bigger events, bigger giveaways, bigger shirts (like seriously oversized). More resort amenities… larger pools, outdoor kitchens, bigger bubbles and oversized cabanas. More involvement, more access, (updates, Snapchats and Tweets). But sometimes less is more… shorter distances, fewer caps (or none at all!), less complicated, less paperwork, smaller carbon footprint, less roommates, less shared bathrooms, fewer QR codes (like ZERO), less gimmicks, less cheese (unless you're talking literally, then more please!) Oh, and let's not forget, less rent! — Emily Austin, National Directory of Leasing and Marketing, Grand Campus Living What's hot? Study centers with conference rooms, smart boards, lounging areas, private study rooms and high quality ftness centers remain at the top of our list at UHC. What's not? There is a big debate on tanning…I think its NOT. Golf simulators…I am not sure I have seen one actu- ally function. Balconies on high rises….and please no hot tubs on a balcony. — David M. Pierce, Senior Vice President of Development, University House Communities T c o t o w t i n Kirk Zogby Austin Clark Orth T o i n b t p a h Richards Coyle Pierce C U w h s n f Borger What is hot can vary by region, but the hot trend we see is the demand for larger computer labs that have private study areas and hi-tech, collaborative study spaces. This trend should make parents happy. An emerging 'new' model is the micro unit, especially in urban markets. Students will streamline in exchange for having their own private space. They are looking for efcient, cre- atively designed space that suits their lifestyle. This can mean a place to store their bike rather than having an oven big enough to cook a 24 lb. turkey. — Joe Coyle, President, University Student Living