Featured Case Studies
647- Bed Student Housing Property at Rutgers University
Background
Unique mid-rise dormitory property operated through a joint venture between a local developer and Rutgers University.
The Challenge
There was no established market for off-campus by-the-bed leasing. The property was one of the few purpose-built student housing properties in the market. Most of the off-campus market consisted of single-family homes rented to students and conventional rental projects that were rented by the unit. The property was on a school shuttle line between two of Rutgers’ four campuses in New Brunswick and was not within convenient walking distance to the main campus.
Strategies Applied
- Established a strong relationship with the housing department at Rutgers to cross-market the property
- Upgraded the fitness center and the first-floor social room
- Enhanced Wi-Fi speed and access throughout the building
- Implemented numerous marketing and advertising strategies to build awareness of the property as a private rental property
- Enhanced the signage and visibility
- Renovated common areas and kitchens
- Filled the ground floor commercial space
Added Value
We effectively established the by-the-bed, off-campus rental market. We were able to maintain high occupancy following the loss of a master lease with the school and maintain solid NOI growth through the transition. Over our four-year holding period, we were able to convert the building to a market-based rental property and grow its value by 30% through enhanced management and creative marketing campaigns.