Greystar Student Living Blog

Greystar Student Living Awarded Management of Campus Park at Tenn St.

Greystar Student Living has been awarded management of Campus Park at Tenn Street, a 624 bed garden-style student housing asset located in Tallahassee, Florida. Campus Park at Tenn Street serves the 69,000 students attending Florida State University, Florida A&M, and Tallahassee Community College. Our client purchased the property in mid-January 2012, and plans to deploy extensive capital to improve the apartment  interiors and community amenities throughout the 9 year-old property.

Leasing Summit 2012 A Phenomenal Success! Here is What Some Attendees Are Saying!

• Same to you Luca! I spoke with my two LM’s this evening and they said the training was great today. They are Uber excited to share what they have learned with their teams. I am pumped about this and really wish my other LM’s could have joined.

Kudos to Patricia and Noel for a successful day 1!!!

Regional Manager –Cheree Konopka 1/17/12

• I only heard great things as well, so cheers to you ladies for putting on a great show thus far.  It truly is a shame that a few couldn’t make it.  Maybe next year…

Luca E. Finocchiaro – Director of Real Estate SL   – 1/17/12

 Hello All!

I just wanted to say CONGRATS to Noel and Patricia for putting together an awesome Summit!!! You know you really made an impact when people are in tears of appreciation at the end.

Also, I have had my managers calling saying “Not sure what you did, but my people are coming back all inspired and ready to hit the ground running with leasing.”

I was there through most of it and it reminded me of the old days.

Rock On & Thank You!

P.S. Jamie Moss was great too! We need her in SL as a systems trainer. Wink Wink!

Best Regards,

Mark Schliep l Student Living Regional Manager l mschliep@greystar.com – 1/19/12

 I couldn’t agree more! Noel and Patricia truly made a huge impact on all attendee…Major Congrats ladies!!
Super proud to be a part of such a wonderful team!!
FYI – I think its a good idea to prepare our managers for the overwhelming return of all attendees! This group is pumped and ready to take on the world!

Jennifer Roden- Sr. SL Regional Manager – 1/19/12

• Great job Noel and Patricia, I have heard phenomenal things about the Leasing Summit. Mega Kudos to you for making this event such a success for our peeps!

We appreciate all you do.

Michelle Fuller Sr. Director of Real Estate – 1/19/12

 Morning All,

I wanted to thank you all again for all the information shared at the Leasing/Asst. Manager summit. I gained greater office management inside and I truly valued having other properties share their best practices (I feel like I have a greater resource base to tap into). I’m reviewing all my notes and currently working to apply all the new learned strategies to my daily operations. The timing of the training was great, I feel rejuvenated! Today I came in ready to review and establishing new 2012-2013 goals for the work place and personal professional development!

Have a Fabulous Friday and Wonderful Weekend!

Thank you for your continued support of the UAE community; you are a key component of our success!

Yvette J. Edwards |Assistant Property Manager |University Apartments at Ettrick   - 1/20/12

• Hello Patricia & Noel,

I miss you guys already! I had such a great time! Jarrod has been bugging me all morning about coming back and implementing all the things we learned this week. He doesn’t know what is about to hit him!! J

Michael Kenney | Leasing Manager | Venue & Villas on Guadalupe – 1/23/12

• Thanks for letting me be a part of the week!

Noel and Patricia are always solid! Hands down, the best in the industry!

Your teams that were there were AMAZING!!!! They were bouncing every bit of energy right back to meJ

Jami Moss | Education & Training Manager | Greystar | jmoss@greystar.com  - 1/20/12

Greystar Student Living is proud to announce that it has been engaged to manage The Venue on Guadalupe (“The Venue”) in Austin, Texas

The Venue is walking distance to the University of Texas at Austin campus, and offers some of the largest and most distinctive studio, one, and two-bedroom plans in the West Campus area.  Residents enjoy hardwood floors, granite countertops, stainless steel appliances, and full-size in-unit washer and dryers, along with interior corridors and direct access to the parking garage.  Other conveniences include hi-speed internet and cable, as well as a fitness center, rooftop swimming pool and sun deck.  The property has been awarded a Walk Score of 92 out of 100, with easy access to shopping, restaurants, entertainment, public transportation and schools.  Greystar Student Living has put together a first-rate team to serve this community’s residents and we look forward to retaining The Venue’s preeminent position in the market as the best in student living.  To learn more, please visit http://www.venueonguadalupe.com/. “

Greystar Makes the List of Top 10 Multifamily Developers of 2011

What goes up must come down.

That’s the tale of monthly multifamily housing unit starts, which have traditionally shown volatility due to seasonality and the long-term nature of obtaining permitting and approval for apartment communities. Today, the National Association of Home Builders (NAHB) announced an 8.3 percent decline in multifamily starts in October, following an “unsustainably large gain” of 51.3 percent in August.

The good news is that the annualized number of multifamily starts is charging ahead, expected to reach 198,000 units for 2011, a nice surge from 2010’s paltry showing of 112,000 units, according to U.S. Census data analyzed by the NAHB. Leading the way in this year’s return to development were well-known and established apartment developers. Multifamily Executive checked in with the companies that led the MFE Top 50 Builders list at the beginning of the year to get an update on where their starts landed for the year.

Here’s where the biggest builders of multifamily units are likely to stack up in 2011.

#1. Wood Partners
2011 starts: 3,750 units
Increase from 2010: 85%
Marietta, Ga.-based Wood Partners finished off 2010 with 2,027 units and pretty much hit its planned goal of 4,300 units for 2011. “We started about 2,000 last year; we’ll do 3,500 to 4,000 this year, and next year we are pretty much back to full production with an estimated 6,500 units,” says CEO Ryan Dearborn.

#2. Greystar Real Estate Partners
2011 starts: 3,617 units
Increase from 2010: 3,600%
After building no new units in 2010, Charleston, S.C.-based Greystar Real Estate Partners got its platform turbo-charged this year, going from zero to more than 3,600 starts in 2011. The numbers surpasses the firm’s expectations to break ground on 2,180 units.

#3. Alliance Residential
2011 starts: 3,550 units
Increase from 2010: 82%
Phoenix-based Alliance Residential pulled 1,952 units out of the ground in 2010 and expected at the start of the year to add another 2,800 units this year. The firm more than bested that goal with an estimated 3,550 starts in 2011, which could increase further by year’s end. “We have a pipeline of about 5,000 to 6,000 units, most of which could be closed this year,” notes Alliance CFO Jay Hiemenz. “Some may spill over into the first half of next year, but we are looking at a lot more opportunities in markets that we were inactive in and have taken a little bit longer to recover.”

#4. AvalonBay Communities
2011 starts: 3,300 units
Increase from 2010: 35%
It’s steady-as-she-goes for Arlington, Va.-based REIT AvalonBay Communities. After starting 2,446 apartments in 2010, the firm planned 2,712 new starts in 2011, but it is expected to close out the year with a nice increase to 3,300 starts.

#5. Mill Creek Residential Trust
2011 starts: 3,100 units
Increase from 2010: 3,100%
Dallas-based Mill Creek Residential Trust showed it hasn’t lost any chops after spinning off from former development titan Trammell Crow Residential. The company, which started no new units in 2010, reports breaking ground on 3,100 units this year.

#6. AMLI Residential
2011 starts: 2,777 units
Increase from 2010: 299%
Chicago-based AMLI Residential dialed back its original expectation to begin building some 4,000 units this year and is likely to finish 2011with approximately 2,777 unit starts, still a tremendous leap from the 696 starts the firm completed in 2010. ”We are projecting that we will break ground on 3,625 units in 2012,” notes company chairman and CEO Greg Mutz.

#7. The Bozzuto Group 
2011 starts: 2,395 units
Increase from 2010: 123%
Based in Greenbelt, Md., regional powerhouse The Bozzuto Group notched 2,395 units, down slightly from an earlier estimated 3,066 multifamily starts for 2011. That’s still an increase from the 1,076 units the firm started in 2010. Bozzuto, which builds for its own portfolio as well as for JV and third-party partners, notes that 2012 starts are expected to clock in at 1,719.

#8. Irvine Apartment Communities
2011 starts: 2,200 units
Increase from 2010: 105%
After a relatively robust year in 2010 that saw 1,074 unit starts, Irvine, Calif.-based Irvine Apartment Communities planned approximately 2,404 starts for 2011. While the firm was unable to confirm starts by press time, reports from the Building Industry Association of Orange County put the number of Irvine starts this year at 2,200.

#9. Camden Property Trust
2011 starts: 2,190 units
Increase from 2010: 261%
Houston-based Camden Property Trust will close the year with 2,190 new units under development, a sizable increase from the 607 units the company started in 2010. The REIT expects to start another 1,500 to 2,000 units next year, says Camden CEO Ric Campo.

#10. Gables Residential
2011 starts: 2,065 units
Increase from 2010: 1,620%
Atlanta-based Gables Residential was another firm significantly ramping up activity this year, moving from only 120 new units started in 2010 to 2,065 unit starts this year, just about hitting the firm’s initial target estimate of 2,136 units. Gables CEO David Fitch notes, “We are pleased with the development process, particularly in Texas, because the unfortunate drought conditions have resulted in virtually no rain delays for our developments in Houston and Dallas.”

[On the Bubble]

#11a The Holland Partner Group

2011 starts: 1,943 units
Increase from 2010: N/A

#11b Equity Residential 
2011 starts: 1,900 units
Increase from 2010: 307%

OK, technically this is a Top 10 list, but Vancouver, Wash. based Holland Partner Group and Chicago-based REIT Equity Residential were so close (and so close to each other) that we felt it fair to list them as runner-ups. After starting 467 units in 2010, Equity set its sights on 2,200 starts for 2011 and looks to finish the year with approximately 1,900 units breaking ground. Holland Partner Group COO of Southern California Development Thomas Warren notes that his firm intends to best 2011 starts with a heavy slate of 2012 construction on the boards.

What goes up must come down.

That’s the tale of monthly multifamily housing unit starts, which have traditionally shown volatility due to seasonality and the long-term nature of obtaining permitting and approval for apartment communities. Today, the National Association of Home Builders (NAHB) announced an 8.3 percent decline in multifamily starts in October, following an “unsustainably large gain” of 51.3 percent in August.

The good news is that the annualized number of multifamily starts is charging ahead, expected to reach 198,000 units for 2011, a nice surge from 2010’s paltry showing of 112,000 units, according to U.S. Census data analyzed by the NAHB. Leading the way in this year’s return to development were well-known and established apartment developers. Multifamily Executive checked in with the companies that led the MFE Top 50 Builders list at the beginning of the year to get an update on where their starts landed for the year.

Here’s where the biggest builders of multifamily units are likely to stack up in 2011.

#1. Wood Partners
2011 starts: 3,750 units
Increase from 2010: 85%
Marietta, Ga.-based Wood Partners finished off 2010 with 2,027 units and pretty much hit its planned goal of 4,300 units for 2011. “We started about 2,000 last year; we’ll do 3,500 to 4,000 this year, and next year we are pretty much back to full production with an estimated 6,500 units,” says CEO Ryan Dearborn.

#2. Greystar Real Estate Partners
2011 starts: 3,617 units
Increase from 2010: 3,600%
After building no new units in 2010, Charleston, S.C.-based Greystar Real Estate Partners got its platform turbo-charged this year, going from zero to more than 3,600 starts in 2011. The numbers surpasses the firm’s expectations to break ground on 2,180 units.

#3. Alliance Residential
2011 starts: 3,550 units
Increase from 2010: 82%
Phoenix-based Alliance Residential pulled 1,952 units out of the ground in 2010 and expected at the start of the year to add another 2,800 units this year. The firm more than bested that goal with an estimated 3,550 starts in 2011, which could increase further by year’s end. “We have a pipeline of about 5,000 to 6,000 units, most of which could be closed this year,” notes Alliance CFO Jay Hiemenz. “Some may spill over into the first half of next year, but we are looking at a lot more opportunities in markets that we were inactive in and have taken a little bit longer to recover.”

#4. AvalonBay Communities
2011 starts: 3,300 units
Increase from 2010: 35%
It’s steady-as-she-goes for Arlington, Va.-based REIT AvalonBay Communities. After starting 2,446 apartments in 2010, the firm planned 2,712 new starts in 2011, but it is expected to close out the year with a nice increase to 3,300 starts.

#5. Mill Creek Residential Trust
2011 starts: 3,100 units
Increase from 2010: 3,100%
Dallas-based Mill Creek Residential Trust showed it hasn’t lost any chops after spinning off from former development titan Trammell Crow Residential. The company, which started no new units in 2010, reports breaking ground on 3,100 units this year.

#6. AMLI Residential
2011 starts: 2,777 units
Increase from 2010: 299%
Chicago-based AMLI Residential dialed back its original expectation to begin building some 4,000 units this year and is likely to finish 2011with approximately 2,777 unit starts, still a tremendous leap from the 696 starts the firm completed in 2010. ”We are projecting that we will break ground on 3,625 units in 2012,” notes company chairman and CEO Greg Mutz.

#7. The Bozzuto Group 
2011 starts: 2,395 units
Increase from 2010: 123%
Based in Greenbelt, Md., regional powerhouse The Bozzuto Group notched 2,395 units, down slightly from an earlier estimated 3,066 multifamily starts for 2011. That’s still an increase from the 1,076 units the firm started in 2010. Bozzuto, which builds for its own portfolio as well as for JV and third-party partners, notes that 2012 starts are expected to clock in at 1,719.

#8. Irvine Apartment Communities
2011 starts: 2,200 units
Increase from 2010: 105%
After a relatively robust year in 2010 that saw 1,074 unit starts, Irvine, Calif.-based Irvine Apartment Communities planned approximately 2,404 starts for 2011. While the firm was unable to confirm starts by press time, reports from the Building Industry Association of Orange County put the number of Irvine starts this year at 2,200.

#9. Camden Property Trust
2011 starts: 2,190 units
Increase from 2010: 261%
Houston-based Camden Property Trust will close the year with 2,190 new units under development, a sizable increase from the 607 units the company started in 2010. The REIT expects to start another 1,500 to 2,000 units next year, says Camden CEO Ric Campo.

#10. Gables Residential
2011 starts: 2,065 units
Increase from 2010: 1,620%
Atlanta-based Gables Residential was another firm significantly ramping up activity this year, moving from only 120 new units started in 2010 to 2,065 unit starts this year, just about hitting the firm’s initial target estimate of 2,136 units. Gables CEO David Fitch notes, “We are pleased with the development process, particularly in Texas, because the unfortunate drought conditions have resulted in virtually no rain delays for our developments in Houston and Dallas.”

[On the Bubble]

#11a The Holland Partner Group

2011 starts: 1,943 units
Increase from 2010: N/A

Greystar Student Living Welcomes New Regional Manager

Cheree Konopka has over 11 years of Property Management experience.  Prior to joining Greystar, Cheree began her career as a Community Assistant with Sterling University House and rose through the ranks to a Regional Property Manager.  She then served as a Regional Property Manager with Myan Management Group where she successfully supervised the day to day operations of 1,700 units.  Cheree is currently a Regional Property Manager responsible for the financial management, day-to-day operations, strategic staffing, marketing, leasing, and maintenance for one of Greystar Student Living’s largest clients.  Her vast knowledge and expertise in financial management, variance analysis, strategic business planning, leasing, and marketing, have proven successful in her experience in overseeing the management and operations of new constructions, acquisitions, and rehab communities.  Cheree holds Bachelor of Arts degree from The University of Oklahoma.

Greystar Welcomes Back Emily Fisher!

 I am pleased to announce that Emily Fisher (formerly Tallman) has joined our Marketing Team in the Central North as a Marketing Coordinator in Dallas.  Emily brings with her 11 years of prior experience working for both JPI and Greystar.   Emily will be joining forces with Holly Jones to provide marketing services for our Dallas portfolio, Midwest and Student Living.  Please join me and welcoming Emily back to our Greystar team!

Emily was recently a featured as a “SPOTLIGHT EMPLOYEES” of the month in our Greystar Newsletter.  She was asked some questions to get a better idea of just who Emily is.  Her answers served as a reminder of why we love her and are elated to have her back where she belongs!

1) If you were stranded on an island and allowed only 3 items, what would they be?

2) What is one song that describes you best?

3) If you could be a super hero, who would you be?

4) What’s one thing that would make you the happiest person on Earth?

 Here’s what Emily said…

I’m glad to be back with Greystar and back on Texas soil! I’ve been braving the Alaskan wilderness with my hus-band for the past two years…cold doesn’t even begin to describe that place!

Music is my soul and I will challenge anyone to a game of “Who Sings It?” I even categorize my favorite songs de-pending on genre (High Fidelity any-one?) My life also wouldn’t be com-plete without animals-LOTS of them!

If I were stranded on a deserted island; I would take my hubby, my little fur baby Walter, and an acoustic guitar (don’t know how to play but I guess we’d have time to figure that one out!) “Threadbare Gypsy Soul” by Pat Green & Willie Nelson sums me up quite nicely. If I were lucky enough to have super powers, then of course I’d be Wonder Woman. Why, you ask? Why not! The chick can handle anything that comes her way! Something that would make me happy beyond belief would be to one day own and operate an animal sanctuary. There are so many unwanted sweet little critters out there; I want to take them all in!

EXPERIENCE THE FORUM LIVING LIFESTYLE

The Element continues to Shine in 2011 under Greystar Student Living

Greystar Student Living took over management of The Element in March of 2010.  Greystar wasted no time in effectively developing an aggressive marketing rebranding plan and making strategic changes for improvements of overall operations.  Simultaneously, Greystar used their leadership and industry knowledge to coordinate an outreach program with targeted advertising that was translated to the on-site team.  The triumphant conclusion; the community reached 96% occupancy.  The Element’s success is a result of tenacious marketing techniques, outstanding customer service and dedicated a robust operational team.

Highlights: Oct 2010 to Oct 2011

•  Increased Rental Income by 44%.
• Increased Other Income by 109%.
• Increased Total Income by 45%.
• Increased Net Operating Income (NOI) by 125%
• A+ Garden Style Student Living Community owned by Henderson Global Investors Inc.
• The Element is located in Sacramento, CA and is only 1 mile from California State University.
• In close proximity to The Element are a variation of lifestyle resources which include Target, Starbucks, restaurants and nightlife entertainment.
• Property leased up with average in-place rents of $1.76 psf, approximately $0.55 psf higher than surrounding competitive submarket.
• The successful management and lease up of The Element has allowed Greystar to build a growing relationship with Henderson Global Investors Inc. as they invest in the Student Living Sector.

GREYSTAR AWARDED MANAGEMENT OF CAMPUS PARK AT THE RIDGE

Greystar is pleased to announce the addition of Campus Park at The Ridge to its student living portfolio. A vibrant campus housing community in Morgantown, West Virginia, Campus Park offers private, lifestyle-based apartments for West Virginia University (WVU) students.

Located less than a mile from WVU with a private shuttle servicing both the campus and downtown, Campus Park offers fully furnished student apartments in variety of floor plan to best meet individual student needs. “With an amenity package that includes a 24-hour fitness center, basketball and sand volleyball courts, swimming pool with hot tub and sun deck, barbecue grills and more, Campus Park at The Ridge is a top choice for the University’s students,” said Jonathan Denton, Regional Property Manager with Greystar Student Living.

“We’re excited to have the opportunity to work with the WVU community, and we look forward to serving the residents of Campus Park,” said Denton. “Our goal is to create an environment that is conducive to the students’ needs while maximizing asset value for our owners.”

The community is owned by M&A Real Estate Partners. For more information about Campus Park at The Ridge, visit www.ridgewv.com.

About West Virginia University

WVU is a public research university in Morgantown, West Virginia, with additional campuses in Parkersburg, Montgomery and Keyser, along with medical and dental schools at the Charleston Area Medical Center in Charleston, West Virginia. WVU’s enrollment totals over 32,000, and the University offers 193 bachelors, masters, doctoral and professional degree programs in 15 colleges. For more information on the University, please visit www.wvu.edu.

Greystar SL Thanks – The TJ Sanders Group

Greystar Student Living would like to thank TJ SANDERS GROUP for its Silver-level sponsorship of the 2011 Greystar Student Living Budget & Expense Management Conference. TJ Sanders is a terrific company to call on for marketing and promotional material, and through their designs and product offerings they’ve helped Greystar exceed client expectations in many markets.

TJ Sanders is a full-service marketing and promotional company, offering everything from business collateral design to employee gifts and client trinkets. Strict quality controls ensure the utmost in client satisfaction.

For more information please visit www.tjsanders.com or call 214-363-9200