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 January/February 2018 34 ing of the two organizations was a process; we did work through some issues on structure, but it has been very positive from both sides. SHB: How did the transition of the management go at the proper- ty level? Was it all done one day or assumed property-by-property? Graf: We pretty much took the properties over in one day. We did announce it in advance, so there was time for coordination, indoctrination, introductions of our people and the resources that were brought to the properties. It takes a few months for every- one at the site level to get up to speed and comfortable after a takeover. Interestingly, we did not announce to the properties for a while because we didn't want to interrupt them with a big change in the middle of the turn. We wait- ed until September 1 to make sure there was no disruption. Stark: We wanted to make sure that parents and students were not confused. We got everyone on board September 1, post move-in. About 60 days after that we were streamlined and I have to say it has been a very smooth transi- tion. There hasn't been any fallout from employees. We moved over almost all of our employees at the property level from CEV to Pinnacle. SHB: How is Pinnacle augment- ing what CEV was already doing at the properties? Stark: Most of the change comes from the Pinnacle Campus Living corporate support. With so many properties under management, the resources we have across the Pinnacle platform are very robust. We have very strong leadership for all the back office disciplines like marketing, training, and information technology. Graf: I have had the pleasure of visiting many of the Pinnacle Campus Living properties during my travels. I like to stop in and welcome the new staff. The teams are excited to be a part of a larger organization and it means more opportunity for them. They now have the potential to grow in stu- dent housing or branch out into other areas within the Pinnacle family, which has fostered a lot of camaraderie. We are also sup- porting some of the value-add efforts at these properties, which benefit from Pinnacle's purchas- ing power. Stark: On November 1, Timberline Real Estate Ventures — the student housing investment entity that Nate and I now have — complet- ed several transactions, including a 1,493-bed property. Pinnacle Campus Living assumed the man- agement of that property and it was the smoothest onboarding we have ever had. Pinnacle put 12 Pinnacle assumed management of CEV's portfolio after September 1, as to not interrupt staff and residents during turn. Pictured is Campus Evolution Villages West at Clemson University in South Carolina.

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