Student Housing Business

MAR-APR 2018

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

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VIE W FROM THE ACADEME March/April 2018 StudentHousingBusiness.com 44 paid for, and sometimes it makes sense, sometimes it doesn't. Just being open about what's going to work best for your university is important. SHB: Your department is on the heels of completing a few big proj- ects, and now you have a new public-private partnership devel- opment in planning. Have you had any down time? Galindo: I have a fantastic facili- ties director who works with me, and of course the challenge with delivering these projects is that they need to be delivered in the fall. You need them in August, and if you can't get the beds for August, you may as well wait a year. We have cut a couple of proj- ects really close, so we've tried to be very intentional about making sure we have a three-year window in between the delivery of each of these projects. Then in the middle of it we threw in that we're going to open up a new dining facility, also in 2019. So it has been a lot all at once, but I think it is because all of the former buildings were all built around the same time as well. They have come to the end of their useful lives at the same time. We're proud of the fact that we've been able to do a good job in terms of our rates. We haven't had to have any huge rate spikes and we are in the middle of the pack in terms of the UC campus- es. Our rates are neither the high- est nor the lowest, they are just about in the middle. We've done that with efficiency of operation, and just being thoughtful. SHB: As you move forward, are you looking at more development in the future? You're a couple years out from your next project, but what's the plan to build hous- ing thereafter? Galindo: It's going to be up to new campus leadership. We have a new chancellor who just started in August, and he's working on a new strategic plan for the campus. I think part of that will be to talk about what size we want to be as a university. SHB: Going back to your new public-private student housing project a little bit, can you speak about some of the challenges in developing the project, especial- ly costs? How do you make a new on-campus student hous- ing development affordable/ manageable? Galindo: There are varying defi- nitions of 'affordable.' Some folks have in their mind a specific num- ber that they want to see in terms of their rent. What we've tried to do is provide something for students that costs less than the market rate, and then our idea is that we will achieve affordability To move your business forward, contact: Chris Black, National Accounts at 617-385-6263 Jon Reible, West & Great Lakes at 602-778-4092 Charlie Williams, SE, TX & Rocky Mountains at 720-904-4449 Todd Goulet, Northeast at 617-385-6262 Fannie Mae Undisclosed Campus Apartments Life Company Fayetteville, Arkansas $29.5 Million SmartStop Asset Management Freddie Mac Carrollton, Georgia $20.6 Million Harrison Street Real Estate Capital LLC Statesboro/Carrollton, Georgia $44.5 Million Freddie Mac Freddie Mac Freddie Mac Vesper Holdings Freddie Mac Tempe, Arizona $37.5 Million Preferred Apartment Communities Athens, Georgia Chapel Hill, North Carolina $39.1 Million Waypoint Residential $49.1 Million Vesper Holdings key.com/rec Banking products and services are offered by KeyBank National Association. All credit, loan and leasing products subject to credit approval. Key.com is a federally registered service mark of KeyCorp. ©2018 KeyCorp. KeyBank is Member FDIC. 180223-363056 Helping higher learning communities thrive. Ann Arbor, Michigan $27.7 Million Fannie Mae SmartStop Asset Management College Station, Texas Greensboro, North Carolina Lawrence, Kansas Campus Crossings at Marion Pugh 411 Lofts Haven West The Forum, Carrollton Crossing, River Pointe The District Sherwood Forest, Campus Crossing, Hawks Pointe SoL The Lodge of Athens, Chapel Ridge

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