Student Housing Business

JAN-FEB 2018

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

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36 THE SHB INTERVIE W January/February 2018 people on the ground to assist and get it going the next day. It brought to the forefront the depth of the organization behind us when tran- sitioning such a large property. The Pinnacle structure brings sophis- tication, institutional-quality man- agement and reporting. It is really a game changer that this quality of institutional manager has been attracted to the student housing space. They've brought a tremen- dous dedication to their practice in student housing as well. It is going to help the sector grow and rise to the next level. SHB: From your conventional multifamily management perspec- tive, what observations have you made about the student housing space?? Graf: There are many similarities and differences between conven- tional and student. At the end of the day, we are providing quality housing for our residents. Student housing obviously has a different cycle as well as the differentiating component of the resident's par- ents in the equation. We want to be affiliated with great clients and partners, and provide great hous- ing, whether that is in the student space or the conventional space. In student, we are housing tomor- row's leaders; that's a daunting proposition. We touch 450,000 peo- ple per day, between our residents, their families, friends, the vendor community and all of our asso- ciates. Our goal is to make each one of those interactions a positive experience, both in the tradition- al space and in student housing. Housing is, and will continue to be, a very personal business. SHB: With Pinnacle Campus Living, will you be pursuing man- agement assignments from other owners besides Timberline? Graf: Absolutely. As I said, many of our institutional clients are in the student housing space. We have never really been an option for them with their student holdings before; now we are. We are having conversations with many of them. The student housing space is a nice segue into a growing institutional client base for us. SHB: Rick, what is your background? Graf: I have been a part of Pinnacle for 21 years. I've been in the apart- ment management business for longer than that. I grew up in South Bend, Indiana, and I started in the business when I was in high school, working part time by pick- ing up trash and changing light bulbs. That was in 1974. SHB: How are you getting the word out among your clients that you are entering the space? Graf: We have been talking a lot about our platform with existing clients. We also had a number of meetings with new and existing clients at the recent NMHC Annual Meeting about their student hous- ing assets. We are participating in the various student housing con- ferences to get our name out there as well. We've been busy getting the CEV assets transitioned into our platform, which has been a big part of our start-up. We feel like we are in a good place to start taking on more third-party assignments as we approach the next academic year. SHB: Andrew, there has been a lot of foreign capital entering the space, and you have been the ben- eficiary of some of that. Tell us about your deal with Centurion U.S. Housing Fund. [Editor's note: Centurion is a Singapore-based owner-operator of worker accom- modation and student housing properties]. Stark: We met with Centurion and spent a lot of time talking about acquisitions we could source for them and how Pinnacle Campus Living could assist in their first U.S. student housing ventures. We were part of six student housing trans- actions that involved Centurion in November 2017. Along with Pinnacle Campus Living, we on- boarded approximately 2,000 beds for them. The Centurion group is based in Singapore and has been involved in student housing in other parts of the globe, as well as workforce housing/workers accommodations. They want to have a significant presence in the U.S. with student housing, so they When property staff needed onsite support at Gamecock Village, a student community in Alabama, we were thrilled to see this email in our inbox even before our tech headed home: Your service technician, Heath, has been working here the last couple of days and has demonstrated exemplary customer service. He kept me involved with everything - and even went above and beyond with residents that requested his services. As someone in management, it is greatly appreciated when I have pleasant encounters such as this, with people that care about the happiness of our residents as much as I do. Please keep up the good work Elauwit. Sydnie Pope, Leasing & Marketing Manager ARE YOU READY FOR THE ELAUWIT EXPERIENCE?

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