10C — June 24 - July 14, 2016 — Mid-Year Review — M id A tlantic

Real Estate Journal

S tudent H ousing

By Marvin Schnee, Sundance Real Estate Advisors A little about student housing


s owners of a diverse portfolio of properties from a 185,000 s/f of-

soms economically. Lately, we have been purchasing student housing properties which is a unique business within the realm of multifamily owner- ship. In student housing, students rent a single bedroom within a suite of anywhere from two to four bedrooms within a single apartment. In our properties, all tenants have their own bedrooms and their own bath- rooms as well as a washer/dry- er and full kitchen and living room with a TV in their suite. Students sign 12 month leases and in most cases, all utilities as well as internet is included

located very close to campus and to public transportation as well as near quality retail areas such as supermarkets and restaurants thereby mak- ing it attractive to live at our properties. We also have resident events which give the residents op- portunities to mingle and make friends in order to enjoy their apartments and enhance the overall college experience mak- ing college as pleasant as pos- sible which we believe helps students to concentrate more effectively on their studies. All of this allows us to reach and maintain our goal of making our properties the place where students want to live. While many colleges require that freshman as sometimes even sophomores live on cam- pus, we are seeing a trend of more and more colleges al- lowing sophomores to live in special purpose student hous- ing that is not owned by the college. On the operating side, stu- dent housing expenses are higher than conventional mul- tifamily apartments because student housing requires more staff and additional operational costs as well as promotional ex- penses such as resident events and giveaways. However, the student housing industry has been growing at an extraordi- nary pace and many colleges are even partnering with, or striking other collaborative deals with student housing de- velopers to bring much needed appropriate quality student housing to accommodate and facilitate increased enrollment and growth. Some colleges even work closely with municipal and other government entities to assist in having new student housing projects approved. Col- leges can benefit in a variety of situations when, for example, a college takes a master lease with many units or sometimes even an entire property to rent directly to their students in order to increase enrollment. Newly built student housing serves as a catalyst to revital- ize the entire neighborhood. Newark DE and College Park MD, Philadelphia PA as well as Princeton NJ are excellent examples of all this . Marvin Schnee is presi- dent of Sundance Real Es- tate Advisors. He can be reached at 516-569-4274 or Marvin@sundancerea. com. n

fice complex in Newark, Delaware to apartments in Louisville, Kentucky to i n d u s t r i a l space in East Chicago, In- diana, Sun-

Marvin Schnee

dance Real Estate Advisors strive to target our acquisitions to properties in areas growing in population and employ- ment. We then target increase in value as the region blos-

Campus Pointe in Bowling Green, KY

in a single rent payment. These leases are usually guaranteed by a parent or guardian. We provide excellent ame-

nities such as a pool, fitness center, basketball court, game room, computer rooms and study rooms. We are always

UNITS from 500 to 20,000 square feet

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