Featured Case Studies

647- Bed Student Housing Property at Rutgers University

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Acquired in 2013/Sold 2018

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.

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