Asset Campus Housing News

It makes sense Asset Plus SVP Ryan McGrath looks like he could be in college. His company is one of the nation's top five privately-owned providers of student housing. In the past few years, he tells us, there’s been an expansion of the field as investors moved to a sector they saw as recession-proof. (He says it’s not, but it is resilient.) Unfortunately, enrollment may have increased as predicted, but not in the colleges investors thought, and there hasn’t been a big increase in demand for privately run student housing. Asset Plus has 41 student housing properties in 19 states totaling 25k beds. It builds off-campus facilities when universities balk at amenities like huge pools.

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The end of one year and the beginning of another is a time for reflection and prediction. The multifamily industry just completed a tough year, and 2010 is being billed as another very challenging year.

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OWNER'S GET CREATIVE WITH LEASING

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Texas leads among the 10 largest states with the lowest unemployment rate as it added 50,000 new jobs last quarter, according to a new study by SigmaBleyzer.

The positive quarterly job numbers come despite the state losing 24,000 jobs in the construction, trade, transportation and hospitality sectors in December.

The study also focused on the broader economy of Texas, which remains under a downturn, but holds a positive outlook for the coming year.

Among residential housing, some signs of recovery are beginning to emerge, according to the report. Texas has one of the fastest population growth rates in the country, which the report says should sustain long-term demand for housing. According to the U.S. Census Bureau, about 27 percent of all new privately owned housing units in the nation's 20 largest cities were located in Dallas or Houston.

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Asset Plus Companies was honored with a Mayoral Proclamation from Houston’s new mayor, Annise D. Parker, last week. The award was presented to recognize companies that play a vital role in the Houston area’s economic development, provide jobs and shape the landscape of the Houston community. The award was presented at the annual Construction Expo held at the Reliant Convention Center. Several companies were recognized along with Asset Plus for contributing to the area’s growth and construction, covering many facets of the construction industry in the Houston region in 2009.

Senior Vice President of Construction, Mark Lindley and Assistant Vice President of Construction, Alan Hyland received the award on behalf of Asset Plus from Houston City Council member Anne Clutterbuck.

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Asset Plus Companies took a different stance on student housing when it developed The Lofts at Wolf Pen Creek in College Station, Texas. The project, which incorporates 253 stacked flats and 11 townhomes, also contains retail space and a clubhouse, making it mixed-use in nature.

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Making sure beds remain occupied becomes increasingly hard when one looks at Texas’ student housing market. The past decade saw a drastic increase in new student housing projects, many of which were built 3 to 5 miles off campus, where developers could find enough land to build the larger communities they had planned. At the time, students flocked to the communities because they were new and they had amenities lacking in closer projects. That has changed today.

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Overall, student housing is recession-resistant because of U.S. demographics, which are producing an increasing number of high school graduates, says Jim Arbury, senior vice president of National Multi Housing Council (NMHC) which recently released a report that seeks to determine whether the dramatic U.S. economic downturn has had an impact on enrollment and on-campus dormitory vacancy rates.

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Asset Campus Housing prides itself on providing outstanding customer service. To truly gauge if that goal is being accomplished, however, the company needs to have regular report cards, just like the students the company serves.

“We have always been strong believers in surveying our student residents,” according to Marketing Director Joe Goodwin. This year, the company has made a huge leap forward in these efforts however with the help of a new online surveying system. “Traditional paper surveys were inconvenient for students and they live in an electronic world, so filling out a paper survey just doesn’t work for them,” said Goodwin. “If students were taking the time to fill a paper survey, it’s usually because they were really upset about something, so that didn’t give us a good, complete picture of what was going on at a property.”

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