Project Category: Market Analysis

Liv+ Arlington

Student Housing Case Study: Liv+ Arlington

Location: Arlington, Texas

University: University of Texas at Arlington

In 2016, Stark Enterprises engaged Campus Advantage to perform a Market Analysis and Feasibility study for Liv+ Arlington — a new 789-bed student housing development near the University of Texas at Arlington (UTA). The market study included an analysis of on- and off-campus housing, rental rates, concessions, enrollment, and the University’s plans for future growth. Campus Advantage compiled recommendations for the development project, including a unit mix, amenities, apartment features, marketing tactics, and rental rates based on their findings. All recommendations were tailored to increase interest from the unique UTA student demographic plus factored in the University’s evolution from a primarily commuter campus.

Stark Enterprises continued to engage Campus Advantage for design and development consulting throughout the development’s planning and design process. Community spaces were carefully designed to contribute to residents’ academic success and wellness as well as peak interest from prospective students and parents during tours. The two-story clubhouse was designed to include a variety of study spaces and a spacious computer center to accommodate varying study styles and group sizes while remaining lively and inviting. The pool deck and courtyards were also carefully crafted to provide unique spaces for students to lounge, socialize, unwind, or study. To differentiate itself within the Arlington market, Campus Advantage recommended Liv+ feature a fresh market café to provide residents with 24/7 access to a variety of convenient, healthy and satisfying snacks.

Campus Advantage’s affiliate marketing partner, Catalyst, also worked closely with Stark Enterprises to develop the Liv+ brand and create marketing materials that would highlight the one- of-a-kind experience the development would offer. A strategic marketing plan was created to sell the Liv+ brand through online digital strategies as well as traditional grassroots marketing efforts. It was imperative to sell the upscale resident experience in addition to the development’s amenity offerings while the project was under construction as several new developments had recently delivered, and future developments were in the pipeline.

Liv+ Arlington opened in fall of 2018 and quickly developed a strong reputation at UTA for its robust amenity package, unmatched Students First® residence life programming, and customer service focused management team. The property’s J Turner Research Online Reputation Assessment score is 21 points higher than the market average; a true testament to resident satisfaction and the strong rapport built between management and residents. The management team also developed close relationships with key UTA on-campus departments, securing master lease contracts with both athletic and academic programs. The strategic marketing efforts, key relationship building, and dedication from the on-site team resulted in the property achieving 96% occupancy for fall 2019.

“Our cohesive partnership with Campus Advantage has been instrumental in the success of Liv+ Arlington. Together, we have built strong relationships with UTA, devised and deployed aggressive marketing strategies to achieve occupancy goals, and created a rewarding living experience for residents who choose to call Liv+ Arlington their home. Stark Enterprises was built on the philosophy of creating spaces that evoke visitors’ enjoyment, and we are proud of the Liv+ brand and experience we have built together with Campus Advantage to continue that philosophy. We look forward to delivering this unique product to other markets together in the future.” – Stacie Schmidt, Vice President of Marketing and Communications for Stark Enterprises.

About Stark Enterprises:

For over 40 years, Stark Enterprises has been developing and managing generational assets that leave visitors with lasting impressions. Stark’s nearly $2 billion portfolio consists of retail, entertainment, office, residential, hotel and student housing environments, totaling approximately 8 million square feet, located in over nine states. With over $1 billion under development, Stark properties are always managed with the company’s long-term investment strategy in mind and are continually recognized by customers and industry leaders as among the most beautiful, well operated and maintained properties in the nation.

Case Studies

The Flats at Ridgeview

Student Housing Case Study: The Flats at Ridgeview

Location: Las Cruces, New Mexico

University: The Burrell College of Osteopathic Medicine

Background

In September 2017, Campus Advantage Consulting was engaged to perform a market analysis and feasibility study for a new development serving The Burrell College of Osteopathic Medicine (BCOM) in Las Cruces, New Mexico. Given the proposed development’s prime location, lack of purpose-built housing in the market, and the current enrollment, Campus Advantage concluded that the market had the depth to absorb the proposed project. The final report provided recommendations on a unit mix, rental rates, amenities, and prepared a preliminary operating budget for the project.

Campus Advantage was then engaged to perform the initial operations and lease-up of the first BCOM-affiliated housing venture. Campus Advantage worked closely with the developer to review and optimize the building exteriors, unit finishes, and the design of the common area amenities. Recommendations were also made on vendor selection, information technology configuration, FF&E specifications, and operational topics such as lease terms, utility structure, and administrative office set-up. Campus Advantage’s marketing partner, Catalyst, was engaged to brand the development which included design of the logo, tagline, marketing materials, and website.

The Flats at Ridgeview’s first phase opened in August 2018 with an occupancy of 95%. Campus Advantage’s services transitioned into ongoing property management services which includes support for property operations and leasing, creation of annual budgets and marketing campaigns, and delivering the Students First® residence life program. The developer is currently exploring the opportunity of developing a second phase of the project due to the success of phase one.

Case Studies

Exterior of The Flats at Ridgeview

Kitchen

Living Room

Russia

Student Housing Case Study: Russia

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Opening a New Campus in the Russian Far East

Campus Advantage provided four years of consulting services for a new university campus in the Russian Far East. The project was a high-profile initiative of the Ministry of Education to create a world-class institution based on western design and operating standards. Several of Campus Advantage’s team members spent six months living and working at the campus in 2014.

The campus is located on Russian Island near the port city of Vladivostok, next to the border of China on the Sea of Japan. Fall classes commenced in September 2013 with approximately 25,000 students. CA’s work focused on four main areas: residence life programming, on-campus housing management, international marketing, and summer camps and conferences.

Campus Advantage was first invited to assist with the project in 2010 by the builder of the $7 billion project, who was based in Moscow. During visits to Moscow, CA had the opportunity to meet with several high-ranking leaders in the Russian federal government who were educated in the United States and Western Europe. These individuals were very interested in replicating the feel and atmosphere of western campuses at the new university in Vladivostok with the goal of attracting international students and faculty.

The campus includes over 12,000 beds of new housing. A team of architects from Moscow and the United States worked together with CA’s consulting group to design and plan the unit mix, common areas, and amenity spaces throughout the residence halls. This was the first new university built in Russia in many years, and the goal was to incorporate a true residential experience based on western traditional campuses.

Campus Advantage’s time in Russia was carefully designed to provide the university with tools that would assist their goals of raising their QS World University Ranking and becoming a world-class institution. The consulting team worked closely with university staff to provide training, policies, and procedures. One of the most exciting tasks accomplished was the development and implementation of the first Resident Assistant program in the country. With help from higher education marketing agency Catalyst, Campus Advantage developed recruiting concepts and materials that led to hundreds of students applying and interviewing to be chosen for the program.

Campus Advantage shared policies and procedures to help the campus create a roommate-matching program and customer-service-based management practices. CA also recommended special programs to assist international students and further advised on methods to increase access for students with disabilities. By putting a summer-turn plan in place, CA provided the university with the necessary tools to handle students moving in and out over a short period of time.

Working closely with Catalyst, CA was able to present the concept of a campus mascot and a university merchandise program. A faculty committee and student organization reviewed several mascot concepts and designs, along with a business plan for launching university spirit-wear and other branded products.

The work Campus Advantage conducted at Far Eastern Federal University provided them with the tools necessary to increase their QS World University Ranking — as well as ShanghaiRanking’s Academic Ranking of World Universities and the Times Higher Education World University Rankings — and was very well received by both the Russian federal government and the university. CA worked with Erik Holm-Olsen at the U.S. Consulate in Vladivostok, who stated, “Campus Advantage, from everything I have seen, has been an excellent representative of the American private sector in Vladivostok.”

A sampling of accomplishments:

  • Introduced residence life programming to the FEFU campus
  • Created a mascot and a university merchandise program
  • Implemented world-class standards for residence hall management
  • Provided multiple opportunities to expand conference business at FEFU
  • Hosted several events on campus for students, allowing the FEFU staff and students to interact socially
  • Designed furniture and décor for leisure areas in the building

The Luxx

Student Housing Case Study: San Antonio, TX

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Market Analysis and Feasibility Study

Campus Advantage was engaged by a private developer to perform a market analysis and feasibility study for a new development near the University of Texas at San Antonio (UTSA). Campus Advantage evaluated the on- and off-campus housing market, analyzed historical enrollment trends and future growth at the university, and conducted informal interviews with students to determine the potential demand for a new student housing development. Campus Advantage discovered that UTSA was transitioning from a regional school, serving mostly commuter students, into a major university that recruits students from across the state and abroad. In 2002, their total enrollment was 22,016, of which 62% originated from Bexar County, where the campus is located. Fall 2015 had a total enrollment of 28,787, a 31% increase. Bexar County residents dropped to 47% of the population, and students coming from other counties in Texas increased over 83%, accounting for an additional 6,000 students. International students, as well as out-of-state students, almost doubled as well.

Campus Advantage’s analysis included the following:

Market:

  • An overview of competitive properties in the market
  • A rate analysis of competitive properties
  • An overview of new developments in the pipeline

 

University:

  • Enrollment trends
  • Enrollment projections
  • An overview and rates for on-campus residence halls/apartments

 

New Development:

  • An analysis of the proposed site location
  • Rate recommendations
  • Amenity recommendations
  • Operational recommendations
  • Marketing and leasing recommendations
  • Proposed unit layouts
  • An absorption analysis

 

As a result of the study, Campus Advantage concluded that the San Antonio student market could absorb the proposed project given its excellent location, the lack of a freshman live-on requirement, and the relatively few number of on- and off-campus beds. Campus Advantage knew the market would be very competitive since all nine of the off-campus student housing properties were newer product and offered desirable amenity packages, so extra focus was placed on the unit layouts and unique amenities, including a two-story fitness center and Vegas-style pool area. These amenities made the development stand out from the competition and created a strong level of interest with the students. The property, with 690 beds, opened at 94% occupancy in fall 2014, while the rest of the market averaged 89.6% occupancy. Since the desired occupancy was not achieved in the initial lease-up, the developer hired Campus Advantage to manage the property in May 2015.

Case Studies

University of California – Berkeley

Student Housing Case Study: University of California – Berkeley

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New Development and Student Survey

Green Living / Sustainable Community – Client: Undisclosed

Campus Advantage was engaged in March 2011 to perform an analysis of a proposed 600-bed student housing development in Berkeley, CA. The focus of the analysis was to determine whether a sufficient market existed for a new off-campus student housing project with a significant sustainability component (LEED Platinum and/or Living Building Challenge), and if the market conditions supported the investment required to develop such product.

Campus Advantage’s research included a large-scale, statistically valid student survey; university overview, including enrollment trend analysis; and a market analysis, including both existing competitors and future construction. The aforementioned student survey included a large component dedicated to evaluating student opinion of a variety of sustainable FF&E, options including various community amenities and in-unit energy budgeting hardware. Additional components of this study included references to the city’s development plan for the subject site neighborhood and a review of the Living Building Challenge.

Through extensive market research and analysis, Campus Advantage concluded that the proposed project appeared viable with a likelihood of success and supported this conclusion with collected market data and a financial pro forma for the property.

Case Studies

Wayne State University

Student Housing Case Study: Wayne State University

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New Development

Detroit, MI – Client: The Union at Midtown

Campus Advantage was engaged in early 2008 by a private developer to perform a market analysis and feasibility study for a site in Detroit near the Wayne State University campus. Campus Advantage evaluated the on- and off-campus housing market, analyzed historical enrollment trends and future growth at the University, and conducted informal interviews with students to determine the potential demand for a new student housing development.

As a result of the study, Campus Advantage came to the conclusion that the Detroit student market could absorb the proposed project, given its superior location and lack of other purpose-built product in the market. The Wayne State market could be characterized by properties that were built in the early 1900s and contained 100 beds or less. One- and two-bedroom apartments were most prevalent, with only two properties offering a three-or four-bedroom option. Furthermore, very few properties included any amenities, furnishings, or an all-inclusive rent option. The Union at Midtown, with 140 beds on three levels and ground-floor retail, offered a unique living experience for students in this market and leased to 90% before opening in fall 2011.

Case Studies

Virginia Commonwealth University

Student Housing Case Study: Virginia Commonwealth University

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New Development

Richmond, VA – Client: 8 ½ Canal

Campus Advantage was originally retained in September 2009 to perform a market profile of the Virginia Commonwealth housing market. The focus of the analysis was to make general assumptions regarding the on- and off-campus housing market at VCU and evaluate the potential demand for a new student housing development. As a direct result of the data gathered during the market profile, the developer then engaged the CA team to conduct a more in-depth analysis of the project and produce a full Market Analysis and Project Feasibility Study. This level of research required members of the Campus Advantage team to travel to Richmond to meet with VCU and City of Richmond officials, as well as perform intercept surveys with VCU students.

Campus Advantage concluded that the Richmond student market had the depth to absorb the proposed project, given the fast-growing student population at VCU and the project’s superior location. The site was located in an up-and-coming area of the market, due to recent campus expansion. Additionally, the off-campus Richmond market lacked any purpose-built student product. The majority of the properties surveyed in the main student housing corridors had very limited amenities, especially those geared toward students, such as a residence life program or all-inclusive rates. 8 ½ Canal was the first purpose-built property to enter the Richmond market and offered a plethora of amenities. The property also introduced an abundance of four-bedroom apartments, a unit type only found in one other off-campus property.

Construction on 8 ½ Canal began in summer 2010 for a fall opening in 2011. The Campus Advantage team was once again engaged to perform the initial operations and lease-up of the property, pre-leasing the property to 100% before it opened in fall 2011. The fast lease-up and continued success of the property exhibits the desirability of purpose-built product in an untested market.

The building includes 160 units with 540 beds on six levels and parking on two levels. 8 ½ Canal is also an eco-friendly project which was designed with green principles in mind in accordance with the LEED accreditation system.

Case Studies