Harrison Street has built a very successful business by investing in alternative real estate asset classes. With more than $56 billion in assets under management, the firm has been a leading investor in the student housing sector for two decades. Leading the firm is co-founder and CEO Christopher Merrill. SHB recently spoke with Merrill to get his take on commercial real estate, and the student housing sector. SHB: What are your thoughts on the recent (late July) interest rate hike? How do you think it will affect the student housing …
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Each fall is a time to shine for furniture providers. With new projects coming online and owners and operators seeking to level up their accommodations before turn, the summer sees a flurry of activity with companies racing to accommodate multitudes of orders across the country. Over the past few years, this time frame has also been plagued with a number of obstacles due to an unreliable supply chain during and immediately following the COVID-19 pandemic. This year, however, has seen a return to more normal operations, making turn/move-in once again …
As students across the country head back to school, it is a busy time for landlords and property managers of college student housing. There are a lot of things in flux — from move-outs from short-term summer school attendees to lining up and moving in longer-term tenants who will rent for the entire academic year. It’s all too much to keep track of manually, not to mention the fact that you’re dealing with a generation raised on technology. If property managers ask these young adults to gather paper documentation and …
Do’s and Don’ts for a Smooth Custom-Furniture Experience: Case Studies Shed Light on Best Practices
Properly scheduling job site deliveries and services can prevent days of delay and added costs that arise when pivotal events in a project overlap. Even experienced student housing developers can forget this, not to mention new entrants to the industry, who may have only vague notions of the time and resources required to complete the many construction and vendor tasks that lead up to student move-ins. Just ask Amanda Bowen, director of business relations at Dickson Furniture Manufacturers. This summer, her team arrived on the appointed day to install furnishings …
In 2021, a number of off-campus housing providers came together to form the College Student Mental Wellness Advocacy Coalition (CSMWAC). The effort was started to support the mental well-being of off-campus housing residents, in hopes of providing them resources and programs. More than 26 off-campus student housing companies have since joined the effort. Student Housing Business recently interviewed several members of the CSMWAC’s board to find out more about the coalition and its initiatives. SHB spoke with Jonathan Bove, executive vice president, Landmark Properties; Richie Lasek, director of innovation and …
Everyone is feeling the pinch from interest rates and inflation, including student housing developers and the residents they must pass some of those costs onto. “The escalating cost of construction presents a unique challenge in student housing as there are a finite number of prospective residents that can afford to pay the premium rates that new development commands,” says Ken Carl, senior managing director of student housing and multifamily at Kayne Anderson Real Estate. For some development teams, this means adding more residences to spread out the costs. “Developers have needed to …
COCM has consistently ranked as the top third-party management company of on-campus properties in Student Housing Business’ annual ranking of the Top Managers in the industry. The Birmingham, Alabama-based company is celebrating its 20th anniversary this year, and some internal changes as well. Doug Brown, who has been president of the company since its inception, is retiring at the end of 2023, and Will Davenport, chief operating officer, will assume the president role. COCM was launched in the early days of public-private partnership (P3) development on-campus. The model then was …
SHB Interview: Russell Broderick of Gilbane Co. Discusses Activity On- and Off-Campus
Only a few developers in the student housing space have successfully managed to have strong programs on- and off-campus. Gilbane Co. is one of them — and the company has a successful contracting business to boot. The 150-year-old company is a competitive player in the public-private partnership (PPP) development business, active on a number of campuses nationwide. It also has a robust off-campus development business, though selective about when and where it builds properties. SHB recently caught up with Russell Broderick, Gilbane’s executive vice president, who leads the company’s on-campus …
In the coming weeks, millions of students across the country will pack up and head off to college, many of them moving into off-campus housing, some to live on their own for the very first time. For multi-dwelling unit (MDU) property managers the annual pilgrimage is an opportunity to help students achieve their full potential and academic excellence by providing fast, reliable Wi-Fi. With the widespread digitization of education, connectivity is as essential as electricity and hot water for college students, and the quality and reliability of service can make …
The supply chain. That phrase alone had the power to send shudders down the spines of student housing operators during the past few years, especially as turn approached. Materials were scarce. Ships were stuck at sea. Inventory was sold out. Workers threatened to strike. Many operators took what they could get, when they could get it, fearing there may not be another chance to stock up on goods, parts or supplies. “At the height of the supply chain interruption, we were putting our hands on whatever was available from whomever …