Thoughts on Student Housing opportunities in acquisitions and development?
Does anyone have any insight on student housing investors, operators, and developers? Not freshman dorms, but ground leased residential apartment buildings marketed to students?
Would working on these types of Assets provide a transferable skillset to transition to multifamily assets? It appears to me that Student Housing is niche industry.
Seems like a multi-family niche.
Yeah it will be transferable... depending on who you work for. Top REITs would be EdR and ACC, less familiar with the private capital and developer landscape, but Landmark out of Athens, GA is solid and has tons of volume.
Someone saw that Pinecrest job posting...lol
Not job specific, my firm is taking a larger and larger focus on student housing development/value-add RFPs. At first I wasn't excited about it, but now I am a bit intrigued. Just curious how it would look on the old resume down the road.
If you have an opportunity to join an active, respected SH investment firm with the intention of transitioning into MF within a couple of years, then yes, this experience would be looked on favorably by firms looking at your candidacy. You'd be doing a lot of the same analysis as you would for apartments, just breaking down the numbers a bit differently (per-bed rather than per-unit, for example).
But if you want to be in multifamily at some point anyways, I would only work for a student housing firm if 1) you've exhausted all other MF opportunities and 2) said student housing firm is a quality company.
SH is a great niche. You can easily work nationally as the demographics you'd be analyzing don't vary too much from market to market, you're looking for growing full-time undergrad population.
Depends what you want to do when it comes to "working" with these assets. Broker, analyst, or other? The broker skill set is always transferable if you do well. The analysis side can transfer to MF, though you're obviously looking at different dems and different clientele. Subtle nuances, but that's the be expected with any industry switch.
Multifamily assets and Student housing assets are underwritten the same way. The only different is that student housing is underwritten by the bed and will face more scrutiny from lenders during the marketing process.
Not really you need you underwrite cash flows seasonally, i.e. more vacancy in the summer season and you can be quite screwed if you don't lease them all out come the semester start.
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