|| Student Housing Comes Full Circle at U Square
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Towne Properties didn't have much space to work with in planning the U Square @ The Loop mixed-use development near the University of Cincinnati. Thanks to meticulous planning and an innovative layering design, though, it has been able to achieve a unique and aesthetically pleasing project that features apartments, offices, retail, and parking. The winner of the NAA's 2014 PARAGON Award for Student Housing, it is a testament to how a big vision can be realized in a small space near a college campus. One such visionary is Arn Bortz, a partner at Towne Properties who played a key role in the 18-month development of U Square and almost immediate lease-up of the entire property.
| More New Students, More New Beds |
Many people in last year's fourth quarter and the early part of this year had major concerns that too many off-campus student housing properties were being developed. A number of well-respected business outlets and publications sounded the alarm about an overflow of new beds swamping the marketplace and spelling trouble for older properties. KC Sanjay, Senior Real Estate Economist at Axiometrics Inc., writes: "It's not time to push yet another panic button, however."
Many universities continue to maintain the age-old "Ivory Tower" characteristics of being disconnected from the everyday world and using operating systems that at times make them seem unapproachable and slow to embrace change. However, by adopting more of a "partnering" attitude, they could establish relationships that are beneficial for all concerned. Teresa Crum and Brad Shaw of EdR Trust expand on their recent presentation at the 2014 NAA Student Housing Conference & Exposition to address this very issue.
NAA Student Housing Lease Program to Expand
The NAA Click & Lease Student Housing Lease, which addresses the unique concerns of the student housing market, recently announced plans to expand into 12 new states. The program and accompanying addenda cater to situations unique to student housing such as bed-by-bed individualized leases, shared housing notice, and individual transfer and relocation provisions amongst other student specific provisions. It includes a Rental Application, Lease Contract and a variety of lease addenda.
UIS Needs More Student Housing, Chancellor Says
University of Illinois Springfield (UIS) Chancellor Susan Koch believes private development will be the fastest way to fill her campus' need for more housing. She notes that more public universities are turning to private developers as an alternative to traditional construction. UIS has a concept -- a multi-story building with ground-floor commercial space -- and a site on university land to build. Koch remarks, "We are engaged with several developers who are interested in the project. This is really driven by growth. We're going to outgrow our student housing." Speed was the main factor in nearby Illinois State University's use of a private contractor, American Campus Communities, to construct the five-building Cardinal Court apartments.
Student Housing Gets Swanky
To appeal to today's demanding Millennials, student housing developers are having to come up with a wide array of luxury amenities. For instance, American Campus Communities recently developed Drexel University's Chestnut Square luxury dormitory, which features a large fitness facility, a movie theater, and a virtual golf driving range. In addition, it offers private suites with full kitchens and baths, along with traditional double rooms. Projects like this are sorely needed, as aging dormitories built for the Baby Boomer generation are in dire need of replacing amid a growing U.S. student population.
We are seeking a General Manager whose responsibilities include but are not limited to: overseeing the entire operation of an on campus student community. The General Manager is responsible for payroll, personnel, student and community development, revenue, expenses, management contract obligations, university relations, and all company obligations.
EdR, a leading national provide of quality collegiate housing, has an opportunity for a Property Manager (Community Manager) at Campus Creek, an apartment community serving the students of Ole Miss. The Community/General Manager is responsible for the overall operation of the property and the achievement of full market occupancy or 100% occupancy.
We are looking for a highly motivated, high achieving industry specialist with hands-on experience of YARDI. Must have excellent inter-personal and communication skills and a proven track record of effectively marketing and leasing apartments to students in the Athens, GA market. The ability to operate in a fast paced environment is essential.
The maintenance technician assists the maintenance supervisor to ensure proper physical and mechanical upkeep of the property. The maintenance technician fulfills customer service requests promptly, completes daily rounds and checks mechanical equipment, recreational facilities, and any other functional or safety.
Are you using the most accurate, standardized and widely used lease? With over 16,000 member communities participating, NAA Click & Lease program is easy to use, state-specific and customizable at the company and community level, with a lease available for both conventional and student housing properties. Learn more about NAA Click & Lease.
||The National Apartment Association (NAA) is America's leading advocate for quality rental housing. NAA's mission is to serve the interests of multifamily housing owners, managers, developers and suppliers and maintain a high level of professionalism in the multifamily housing industry to better serve the rental housing needs of the public.
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