Student Housing Business

JAN-FEB 2018

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

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THE SHB INTERVIE W StudentHousingBusiness.com January/February 2018 33 player like Pinnacle. In order to enter the space in the right way, we needed a critical mass of prop- erties and we were prepared to commit some significant resources because student housing is such a unique, management intensive, sector. This required a different set of team members and whole new approach to marketing for the stu- dent side. Due to other oppor- tunities we've been involved with over the years, Pinnacle has never been able to dedicate time and resources to create a student housing platform. About a year ago, we began the dialogue with Andrew [Stark] and Nate [Fowler] about what they were doing. As we had those conversations, we realized that most of our exist- ing traditional clients had student housing properties as well, so we could expand our offerings and expertise to meet a different need that they have. Stark: What Nate [Fowler] and I had seen was that while we had a great, entrepreneurial manage- ment platform, Pinnacle had a nationwide footprint and a tre- mendous, cost efficient infrastruc- ture. Their reach was broader and with a team of over 4,100 employ- ees, they provided the support a student housing manager so very much needs. We are very excited that the Pinnacle exper- tise could be brought to student housing. The breadth of Pinnacle Campus Living now represents a very strong and sophisticated reach that is always ready. We quickly realized that if we were to look at a transaction, we could have four or five Pinnacle team members within a 45-minute drive who could help us with the due diligence from the management side. There's also a complement with the organization that we ulti- mately felt would benefit all of our owners, the universities where we have properties and, of course, our residents and their parents. In just a few months of operation, we have clearly seen the benefits come to the forefront. The positive impact of the Pinnacle infrastruc- ture can be seen from the stand- point of great multi-disciplinary resources such as accounting, facil- ities management and even mar- keting. They have a tremendous knowledge base that we can uti- lize and build upon. It has been a tremendous change and improve- ment for the bottom line of our properties and our residents. SHB: Rick, have there been any surprises in the student housing space for you? Graf: It has pretty much been what we expected from the past experiences we have had. A lot of our team has student hous- ing experience from working with other companies. There haven't been any surprises. The blend- RICK GRAF CEO, Pinnacle ANDREW STARK President, Pinnacle Campus Living

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