Student Housing Business

MAR-APR 2018

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

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THIRD PARTY MANAGEMENT 54 March/April 2018 A New Direction Pinnacle Campus Living offers sophisticated and operationally intense niche management services that cater to students, their parents and the affiliated universities. Our teams focus intently on nurturing the student experience while offering clients the efficiencies, resources and cost- saving benefits of our robust national platform to achieve stronger bottom-line results. L e t P i n n a c l e C a m p u s L i v i n g b r i n g n ew l i f e a n d va l u e t o yo u r s t u d e n t h o u s i n g c o m m u n i t y. Managing over 17,000 beds across 26 universities w w w . p i n n a c l e c a m p u s l i v i n g . c o m IN STUDENT HOUSING MANAGEMENT and procedures for risk mitigation or crisis management; a plan for lease-up; and a demonstration of knowledge of the market. Crisis management is a large piece of this decision for Kayne Anderson. In addition to a thorough under- standing of a company's poli- cies and procedures, Candia says Kayne needs detailed examples from past experiences, including good lease ups, bad lease ups and real stories of emergency scenar- ios and how they were handled. The company also wants to know how adept a management firm is at marketing and what internal or external resources it has available to support its campaigns. "We see a property management company as a partner of ours," Candia says. "Not simply a service provider. We approach it with the same level of importance that we would if we were to hire someone internally." Relationships That Make or Break As much as student housing is an execution-driven business, it's also driven by its people. The industry is relatively small, and most of the well-known companies tout employees who have grown with the industry, often starting off as community assistants. Owners tend to like experience from the ground up. "What's crucially important about management companies is that their assets are their people," Candia says. "When we talk to almost all of our management part- ners, they tell us they are constant- ly looking at ways to improve the retention of their key employees. We hear it all the time: So many of the great people who are execu- tives now started out as a com- munity assistant, working for the same company and making their way up through the ranks. That's really great to see. They buy into the culture and into the industry and they have a wealth of experi- ence. We've seen a shift in the past couple of years toward a real focus on retention. You're only as good as the people you have." Meier, now vice president of business development, is one such success story. She first joined Cam- pus Advantage as a community assistant in 2007 at the first prop- erty Campus Advantage acquired in Manhattan, Kansas. Data-Driven As a leader in growing and man- aging Campus Advantage's man- agement and consulting services, TOP 15 THIRD-PARTY MANAGERS Third-Party Beds Under Rank Company Third-Party Mgmt. 1 Asset Campus Housing 120,957 2 Peak Campus 51,970 3 COCM 33,092 4 American Campus Communities 28,770 5 Cardinal Group Management 18,555 6 Greystar 15,205 7 Pinnacle Campus Living 14,680 8 Redstone Residential 14,588 9 The Preiss Company 12,872 10 Campus Advantage 12,721 11 Homestead U 11,200 12 RISE: A Real Estate Company 10,748 13 Landmark Properties 9,708 14 EdR Collegiate Housing 7,935 15 Campus Apartments 4,591 Source: Student Housing Business research

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