Student Housing Business

MAR-APR 2018

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

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THIRD-PARTY MANAGEMENT March/April 2018 52 agers. "New build, close to cam- pus, luxury amenities — that is no longer enough to get it done. We look to third-party management companies to deliver a high-touch model that borrows from hospi- tality. Making sure our resident base is taken care of, that mainte- nance is on point so the building is clean and that people feel they have a warm relationship with office staff. Those characteristics are very important to us. You can be class A in that you're new and next to campus, but if you falter in some of those softer people skills, to us that's a big failure." Kayne is building its student housing ownership and develop- ment pipeline back up after two large dispositions to Mapletree in 2016 and 2017. The private equity firm is developing The Nine in Gainesville with 908 Develop- ment; Archive Oxford near Ole Miss in Oxford with Columbus Pacific and Homestead Develop- ment Partners; two properties in Texas with Capstone Collegiate; and one in Austin with The Paral- lel CO. Kayne's process of selecting a third-party management compa- ny for an asset has evolved over time and with experience, both inside the company and through- out the industry as a whole. Kayne Anderson has worked with approximately 10 different stu- dent housing management com- panies over the past 10 years. For some owners or investors, selecting a management partner is strictly relationship-based. If a management company has a track record with an owner, the two entities sometimes tend to stick together for future ventures. Other owners go through a more systematic RFP process to ensure that a management company's strength matches the needs of the asset and any unique market demands. Candia says Kayne's RFP requires applicants to provide the following criteria: A detailed plan for how a management company would approach the asset; back- ground on the team that would be deployed to the property, in-per- son meetings with all key person- nel who will be working together on the project; a definition of the management company's policies AQUISITIONS DEVELOPMENT INVESTMENT Aggressively pursuing student housing developments and acquisitions in primary, secondary, and tertiary markets, up to 5 miles from campus. Acquisitions: Phillip A. Duke (310 435-1269 Development: Michael Augustine (435) 214-7431 DEVELOPED BY MANAGED BY ALEXANDER CANDIA Director of Student Housing and Multifamily, Kayne Anderson Real Estate Advisors

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