Student Housing Business

MAR-APR 2018

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

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Page 48 of 128

THIRD-PARTY MANAGEMENT March/April 2018 48 Measuring Third-Party Management It's more than a numbers game. Asset managers value property staff, resident satisfaction and the relationships that build customer service and reputation. By Lynn Peisner S Success in student housing is all in the execu- tion. A poorly managed property, no matter how luxurious, new or convenient, will not fare well. To keep the tightest quality control, some companies who own many assets are able to manage their own assets. But even for those companies, the landscape is chang- ing. A customer-service focus and evolving generational demands require that in-house management operations can't just maintain the status quo. "We've added personnel resources at all lev- els," says Matt Fulton, senior vice president of operations for EdR. "We've added executive management to keep pace with not only our new growth but also the company's increase in new development activity and joint ven- ture partnerships, both of which require extra attention. We have also restructured our regional director organization to reduce the community-to-regional-director ratio." In addition to tighter oversight, EdR has also recently dedicated significant resources toward its reputation management, market- ing and sales support staff. Additionally, an investment in Elauwit Networks has enhanced its connectivity capabilities, which only helps in leasing and managing its owned portfolio. But this kind of control isn't possible for every investor, particularly private equity fund owners or international capital. Expe- rienced third-party management remains in high demand. A Changing Pool of Management For owners and investors who don't man- age, or who only manage a portion of their portfolios, the options for third-party compa- nies come in many stripes and with varying core competencies. Asset Campus Housing and Peak Campus are among the industry's largest companies that focus on management services for owners. Some owners, like Cam- pus Advantage, have an ownership stake in approximately half their total managed bed count. Today, many new faces and names are emerging as well. "Over the past two years, many small third- party management companies have been pop- Kayne Anderson is building up its student housing holdings with experienced developers and managers following some large dispositions. Pictured is Capstone Cottages of Lubbock, which delivered in 2017. EdR has been managing Granville Towers at the University of North Carolina Chapel Hill for more than 50 years. This is EdR's longest continuous partnership.

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