Student Housing Business

JAN-FEB 2018

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

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Page 32 of 88

THE SHB INTERVIE W January/February 2018 32 A As the nimble owners of Campus Evolution Villages (CEV), Andrew Stark and Nate Fowler found that the efficiency (and thus profitability) and effectiveness for its residents and principals of operating a student housing company was inextricably tied to proper scale and size. In addition, the time searching for new acquisi- tions was encumbered by their responsibilities with property management. Wanting to enhance the management services, capabilities and ame- nities for its properties — they connected with Pinnacle, one of the country's largest conven- tional multifamily managers, who wanted to enter the student space but lacked a critical mass and sector specific experience to go head-first in launching a student housing division. In August 2017, Stark and Fowler formed a venture with Pinnacle to create Pinnacle Campus Living. SHB recently interviewed Stark and Rick Graf, CEO of Pinnacle, to see how the this partner- ship came about, how the launch and transition have gone, and how the venture plans to move forward to add more properties. SHB: People should know Pinnacle from your conventional multifamily management plat- form. For those who may not, can you give us some background on Pinnacle? Graf: We currently manage 165,000 units of conventional multifamily across the U.S. and Canada. We have a number of consulting assignments in key foreign markets as well that we think will lead to opportunities in the near future. In student housing, we have about 17,000 beds. As the largest third party-only manager of conventional apartments in the U.S., we do not have an ownership platform. We set Pinnacle Campus Living up that way as well. SHB: Can you share how this meeting of the minds between Pinnacle and the principals of the former Campus Evolution Villages came together? How did it come about and what are you looking to do in the space? Graf: Pinnacle had involvement in student housing for a number of years through our clients, many of whom had conventional mul- tifamily properties with one or two in the stu- dent housing realm. We have known there was a significant market in the sector for another manager, particularly for an institutional caliber Growing Management A merger of the minds has fostered the launch of Pinnacle Campus Living, the new student housing arm of conventional multifamily management giant Pinnacle. Interview by Richard Kelley and Randall Shearin Pinnacle manages College & Crown near Yale University in New Haven, Connecticut. Pinnacle manages Varsity on K near George Washington University in the Foggy Bottom area of Washington, D.C.

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