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COLLIERS INTERNATIONAL
STUDENT HOUSING GROUP
CAPABILITIES SUMMARY
Tampa Bay Florida
&Process, Performance Results
DOROTHY JACKMANManaging Director - Student Housing GroupDIRECT +1 727 298 5337MOBILE +1 813 928 [email protected]
TRAVIS PRINCEManaging Director - Student Housing GroupDIRECT +1 727 298 5324MOBILE +1 813 767 [email protected]
SEAN BAIRDAssociate - Student Housing GroupDIRECT +1 727 450 6158MOBILE +1 772 633 [email protected]
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The LandingEast Carolina University
Greenville, North Carolina 288 Unit, 888 Bed | Year Built 2005
Student Housing Team Advantage
9 CERTAINTY OF PRICING - Price it correctly the first time – closing price within 98% of anticipated strike
9 CERTAINTY OF CONTROL - Property tours are conducted by our team, allowing us to control all communication with investors
9 CERTAINTY OF COMMITMENT - Focused on our clients’ needs first to help them strategically achieve their objectives – therefore, we choose carefully the clients we represent versus the number of listings we accept
9 CERTAINTY OF SATISFACTION - 90% of our business comes from repeat clients and referrals – consistently exceed client expectations on price and service
9 CERTAINTY OF QUALITY – Cutting-edge marketing materials: which results in increased interest from qualified buyers instantly. Offering memorandum – high-quality, quick read with all the important information at their fingertips
9 CERTAINTY OF BEST IN CLASS SERVICE - Local experts backed by a global platform of services
9 CERTAINTY OF EXPOSURE - Maintain a current database of 10,000+ prospective investors looking specifically for student housing product, as well as international foreign investors – Colliers is an international company with 12,300 brokers around the world who move investment dollars across countries and product types effortlessly everyday
9 CERTAINTY OF BROKERAGE COLLABORATION - 75 close-knit institutional Colliers multifamily brokers in the US who collaborate across the country
9 CERTAINTY OF ASSET KNOWLEDGE - We take the time to truly understand all the strengths of the property and the submarket as well as any challenges that could arise during the sale process – resulting in property pricing and closing at original contract price
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Colliers International Student Housing Group acts as single point of contact, strengthened by a global platform, providing the following benefits: MORE THAN 25 YEARS COMBINED
EXPERIENCE IN STUDENT HOUSING INVESTMENTS
25YEARS
CLOSING PRICE WITHIN 98% OF EXPECTED STRIKE
98%
90 PERCENT OF OUR BUSINESS COMES FROM REPEAT CLIENTS AND REFERRALS
90%
EXTENSIVE EXPERIENCE IN LARGE TRANSACTIONS – VALUED AT MORE THAN $1.0 BILLION
$2.0BILLION
GLOBAL PLATFORM IN 63 COUNTRIES
63 COUNTRIES
100 MidtownGeorgia Tech
Atlanta, Georgia118 Unit, 330 Bed | Year Built 2005
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EXPERTISE FROM WALL STREET TO MAIN STREET.CONNECTING INVESTORS WITH OPPORTUNITIES.
EXPERTISE FROM
WALL STREET
TO MAIN STREET.
CONNECTING
INVESTORS WITH
OPPORTUNITIES.
Service Excellence
The Student Housing Group is one of the most experienced student housing brokerage teams in the country. For over 25 years collectively they have specialized in the disposition and acquisition of large, bed-basis or by-the-unit student housing properties. Their extensive experience in the industry has enabled the team to cultivate long-standing relationships that continue to generate new and repeat business.
The Group represents clients in the sale of quality student housing assets by maximizing client returns and achieving their real estate initiatives. They accomplish client goals through in-depth submarket research and knowledge, credible underwriting and modeling, and a targeted marketing strategy promoted nationally and globally and customized to the client’s objectives.
Colliers’ International Student Housing Group provides quality client services including:
• Property Dispositions and Acquisitions
• Analytical Evaluation of Operations
• Financial Modeling and Detailed Underwriting Analysis
• Market and Submarket Research
• Acquisition and Refinance Coordination
• Development Equity and Debt Raising Initiatives
• University Enrollment Trends Analysis
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EXPERTISE FROM WALL STREET TO MAIN STREET.CONNECTING INVESTORS WITH OPPORTUNITIES.
EXPERTISE FROM
WALL STREET
TO MAIN STREET.
CONNECTING
INVESTORS WITH
OPPORTUNITIES.
DOROTHY JACKMAN | Managing DirectorDorothy joined Colliers International in 2012 as Managing Director of the National Student Housing Group. Prior to joining Colliers, Ms. Jackman was a Sr. VP with a national firm where she was instrumental in building a platform of student housing brokerage.
Dorothy has been in the student housing industry for 20 years, having started her career as an on-site manager and then as a consultant to owners utilizing various leasing tools specific to the asset class. She was a lead spokesperson for the University of Florida during their fall orientations addressing parents and students on the nuances of securing appropriate housing in that market. She has brokered more than 4,200 units representing over a half billion dollars of assets.
Her role with Colliers is to continue strengthening relationships with owners, management companies, developers, investors and equity providers in the industry. She is often invited to speak at industry events and is widely regarded as a seasoned expert in this highly specialized asset class.
KIRSTEN TOFTE | Marketing CoordinatorKirsten joined Colliers International in 2010 as a Marketing Coordinator in Tampa Bay, and is responsible for the coordination of marketing materials, business plan implantation and coordination of marketing programs for the Student Housing Group. She develops and implements comprehensive marketing campaigns based on each project’s unique set of requirements. Kirsten is a licensed Florida Real Estate Sales Associate and has over 13 years of experience in the commercial real estate industry.
TRAVIS PRINCE | Managing DirectorTravis specializes in student housing investment sales across the US and regularly assists clients with portfolio analysis, acquisition and disposition strategies, capital stack and joint venture structures and leasing and management ideas.
Travis Prince began his career in investment real estate following graduation from Vanderbilt University in 1998, assembling a portfolio of residential real estate throughout Nashville, TN, renting to students and young professionals. In 2006, with the goal of transitioning to larger commercial investments, Travis divested his Nashville holdings and in 2007, embarked on his student housing brokerage career. Over the last five years Travis has earned numerous sales achievement awards, most recently being named Top Producer of Colliers International Tampa Bay. Travis is an active member of the National Multi-Housing Council and ULI Young Leaders.
Travis’ primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities. His dedication to the team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national companies. He regularly assists clients with portfolio analysis, acquisition and disposition strategies, capital stack and joint venture structures and leasing and management ideas. Travis oversees all underwriting as well as market and economical analysis.
SEAN BAIRD | AssociateSean joined the Colliers International Student Housing Group as an Associate/Financial Analyst in 2012 specializing in financial analysis, cash flow modeling, market research, development feasibility, and asset disposition for student housing properties throughout the US. He is a graduate of the University of Central Florida with a BS/BA in Business Real Estate, attended Seminole State College where he received an AA, an AS in Architectural Design/Construction Technology, and also became a nationally certified Emergency Medical Technician. His background includes working for a construction firm in Orlando focusing on both residential and commercial development and renovation where he acted as a site supervisor while attending college. After graduation, Sean began to focus on a career in commercial real estate specializing in student housing. He currently analyzes in excess of $1 billion in student housing assets annually ranging from the large, Class “A” properties in primary markets to smaller, distressed properties in tertiary markets to land development.
Beginning in 2014, Sean decided to switch to brokerage full-time focusing primarily on private capital owners in the Tier 2 and 3 markets as well as select properties in Tier 1 markets. With his focus on the on the Tier 2 and 3 markets, Sean has proven to be a leading expert in those markets and provides clients with unparalleled service. He regularly provides research reports on the activity within those specific markets, a first for the student housing industry.
Colliers International Student Housing Group
VICTORIA MARKS | Financial AnalystVictoria joined the team as a Financial Analyst in July of 2013. Marks, a licensed Florida Real Estate Sales Associate, graduated from Boston College with a degree in Finance and Marketing with a focus on real estate. Victoria assists the team in underwriting analysis as well as in project and due diligence management. In her role as an analyst, she reviews all financial and operating data for each transaction and develops a comprehensive 10 year cash flow projection.
TEAM PARTNERS
COLLIERS INVESTMENT SERVICES GROUP (CISG)
From Wall Street to Main Street, the Colliers Investment Services Group (CISG) is among the leaders in connecting capital with real property. With over 50 memebers nationwide collaborating electronically and in person to maximize product flow and buyer knowledge. CISG professionals provide unparalleled breadth and depth of services to both private and institutional clients.
COLLIERS MULTIFAMILY ADVISORY GROUP (CMAG)
Colliers Multifamily Advisory Group (CMAG), with over 70 brokers, is one of the largest and most experienced teams of multifamily specialists in the industry with strategic locations in key markets throughout North America. The team is connected by purpose and focus, and is dedicated to sharing information on apartment market opportunities, capital sources and buyers and sellers to achieve the best results for our clients.
COLLIERS INTERNATIONAL VALUATION & ADVISORY
Our valuation and advisory services are designed to deliver insight into a property’s fiundamentals, its competitors and the overall market dynamics affecting value, now and in the future. We believe that valuation can be a strategic asset for investors and owners, provided that reporting is clear, prompt and addresses the big picture. Our consultants share a commitment to delivering the highest level of service and the best experience possible. We go the extra mile to deliver for our clients, whether this means meeting a tight deadline or working with a complex and challenging property.
Providing Seamless Transactions
The Colliers Global Investment Services Team is governed by an Advisory Committee which oversees the operations of the global team and is responsible for strategic planning. The Advisory Committee represents Colliers International investment specialists in hundreds of locations throughout the world.
Colliers International’s Capital Markets group works with real estate owners, developers, advisors, lenders and investors to design, negotiate and implement financial structures of all types and sizes. The team aggregates, tracks, and maintains relationships with hundreds of national and international capital sources.
Milton [email protected]
CANADA
Antonio [email protected]
HONG KONG
AUSTRALIAJohn [email protected]
Brett [email protected]
JAPAN
Lisa [email protected]
Kristopher [email protected]
John [email protected]
UNITED STATES
GISTADVISORY COMMITTEE
The Grove at StillwaterOklahoma State University
Stillwater, Oklahoma 206 Unit, 612 Bed | Year Built 2012
MARKETSCAPITAL
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EXPANSION TEAM | PARTNERSHIPSWe are committed to accelerating our clients’ success.
Below is a sample of our recent partnerships at Colliers International which allows us to collaborate with local team members to discuss their local market conditions, active buyers & sellers and the financial climate of the market.
Cindy CookeCity: Phoenix
Brad CookeCity: Phoenix
Steven PedenCity: Raleigh
Ron CameronCity: Atlanta
Will MathewsCity: Atlanta
Brian PohleCity: Chicago
Clay AndersonCity: Boise
Teresa LoweryCity: Houston
Kitty WallaceCity: Los Angeles
Louis ZuckermanCity: Stamford, CT & New York
David MortensenCity: Seattle
Bryan BeltrandCity: Minneapolis
Ted BickelCity: Minneapolis
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Bruce MilamCity: Richmond
The Grove at StillwaterOklahoma State University
Stillwater, Oklahoma 206 Unit, 612 Bed | Year Built 2012
MARKETS
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INSIGHTOur goal is to clearly understand the clients’ current and future operational and financial goals and any challenges both internally and externally that may hinder those objectives. We do this through straightforward and open dialogue so we can determine how best to put our experience to work in a way that assists in delivering timely and creative solutions.
SERVICEOur team’s consultative approach to commercial real estate consists of developing and executing strategies that are both consistent with our clients’ objectives as well as feasible in the current market environment. We offer a range of services on a national basis, enabling our clients to make informed and timely decisions. Dedication, personal service, and commitment are just a few of the many attributes we practice. Each client is unique and receives the senior-level attention required to fully understand their specific issues and objectives.
RESULTSOur understanding of the complexities posed through a rapidly changing economic and business climate is demonstrated through our consistent ability to deliver exceptional service and results.
CURRENT REALITY
Create Maximum Value
Reduce Risk
Capitalize on Opportunity
DESIRED REALITY
br id
g ing the gap
Colliers Marketing Team
C A S E I N P O I N T
West Run Morgantown, WV
The Community
Deal Hurdles
West Run is a 322-Unit/994-Bed student housing community located approximately 2.5 miles from West Virginia University. The community was built in 2009 and sits on approximately 22 acres.
• On-Campus Housing adding 1,800 beds for Fall 2014 and Fall 2015
• Property is non-pedestrian to campus limiting the number of interested investors as proximity to campus is the top criteria for many investors
• With utility caps not becoming effective until Fall 2014 and a limited number of upgraded units achieving higher rents, buyers needed to trust our pro forma underwriting accuracy for the increased revenue
Investment Rationale• Value Provider - West Run is the value-provider in the area
with a lower price per bed than the majority of the competitive set
• Value Add Opportunity – The property had upgraded flooring and furniture in a select number of units and was seeing a $25 per bed per month premium for those units
• Location – WVU is a non-pedestrian student housing market with West Run located the typical distance from campus as the rest of the competitive set
• Additional Revenue – For Fall 2014, a utility cap was put in place that generated on average $5,000 per month in additional revenue
• Excess Demand – With on-campus and off-campus housing combined, excess demand exceeded 9,500 student still requiring housing
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BROKERAGESALES & LEASING
CORPORATESOLUTIONS
INVESTMENTSERVICES
PROJECTMANAGEMENT
REAL ESTATEMANAGEMENT
SERVICES
VALUATION & ADVISORYSERVICES
SERVICE LINES COLLIERS INVESTMENT SERVICES GROUP (CISG)CISG is a leader in connecting capital with real property. With more than 50 members nationwide, collaborating electronically and in person to maximize product flow and buyer knowledge, CISG professionals provide unparalleled services and focus to institutional clients. They have closed more than $12 billion in transactions since 2007.
CISG has established deep personal relationships with key decision-makers within REITs, advisory services, insurance companies, Wall Street real estate firms and private investor capital markets. This broad representation and reach provides a marketing platform which produces transactions that close on time, at the agreed upon terms, with a high degree of certainty. With a combination of capital markets experience and local real estate expertise in more than 100 markets nationwide, this elite team of seasoned investment professionals works together to exceed client expectations in each and every acquisition, disposition and financing assignment.
COLLIERS MULTIFAMILY ADVISORY GROUP (CMAG)With more than 70 brokers, CMAG is one of the largest and most experienced teams of multifamily specialists in the industry with strategically located brokers in key markets throughout North America. The team is connected by purpose and focus, and is dedicated to sharing information on apartment market opportunities, capital sources and buyers and sellers to achieve the best results for our student housing and cross over clients.
As an investor in multifamily properties, you need a firm that provides experience, broad reach and the ability to market (or locate) an asset no matter how challenging the economic environment. Our combination of expertise, market knowledge and singular focus, make us uniquely successful in helping clients achieve their acquisition or disposition objectives.
STUDENT HOUSING TEAMThe Student Housing Team was organized to provide unparalleled service to our clients. As the single point of contact, our team will oversee all marketing, financial analysis, buyer qualifying, offer negotiations, due diligence and closing. The Student Housing Team members will provide local knowledge and assist with tours and the due diligence process.
The Student Housing Services Group is in constant communication with their team members to discuss their local market conditions, the active buyers and sellers and the financial climate. This collaboration provides us the ability to guide our clients through a variety of complex transactions, providing thoughtful strategy, comprehensive market data, detailed financial analysis and innovative marketing concepts. The 25 years experience of the Student Housing Team combined, with the local knowledge provides our clients with superior service and a leading edge in the market.
CORE TEAM RESOURCE TEAM INTEGRATED SERVICES TEAM
NATIONAL TEAM
Dorothy JackmanManaging DirectorStudent Housing Group
Travis PrinceManaging DirectorStudent Housing Group
Sean BairdAssociateStudent Housing Group
Victoria MarksInvestment AnalystStudent Housing Group
Kirsten Tofte, CPMCMarketing CoordinatorStudent Housing Group
Drew SmithChief Marketing Officer
Michele Tortorici, CPMCDirector of Marketing & Training
Noelle AndersonComm ManagerPublic/Media RelationsTrue Blue Comm
Brian WardPresident Capital Markets
Jerry GisclairValuation & Advisory Services Appraisal
Amanda CooperValuation & Advisory Services Appraisal
Brandon HarringtonCohen FinancialCapital Markets
Mark StraussManaging DirectorCohen Financial
PhoenixCindy CookeBrad Cooke
AtlantaRon CameronWill Mathews
RaleighSteven Peden
CaliforniaKitty Wallace
TexasTeresa Lowery
ChicagoBrian Pohle
IdahoClay Anderson
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MARKET FOCUS:
TIER 1
TIER 2
TIER 3
20,000+ ENROLLMENTBCS UNIVERSITYNCAA DIVISION I ATHLETICS $1,000,000+ IN RESEARCHSELECTIVE ADMISSIONSHIGH BARRIERS TO ENTRY MARKET
10,000-20,000 ENROLLMENTNCAA DIVISION I & II
BELOW 10,000 ENROLLMENTSMALL COMMUNITY DEMOGRAPHICSNCAA DIVISION II & IIITWO YEAR COLLEGESTECHNICAL COLLEGES
Bridging The Gap
CURRENT REALITY
• Current Income Levels
• Compare Subject Market Rents to Submarket
• Capital Improvements Aligned with Norms
• Occupancy Inconsistent
• Preleasing Below or Trailing Previous Years & Comparables
DESIRED REALITY
• Proforma Income Based on Current Metrics
• Assess Management Strategies
• Suggest Specific Benchmarks for Optimum Results
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20,000+ ENROLLMENTBCS UNIVERSITYNCAA DIVISION I ATHLETICS $1,000,000+ IN RESEARCHSELECTIVE ADMISSIONSHIGH BARRIERS TO ENTRY MARKET
Team Highlighted Transactions
THE GROVE STILLWATER, OKUnits: 206Beds: 612
THE CONNECTIONHUNTSVILLE, TXUnits: 288Beds: 792
THE LANDINGGREENVILLE, NCUnits: 288Beds: 888
STANDARD AT KNOXVILLEKNOXVILLE, TNMezz/Presale: ConfidentialUnits:177Beds: 508
WEST RUNMORGANTOWN, WVUnits: 322Beds: 994
THE COURTYARDSLEXINGTON, KYUnits: 182Beds: 676
100 MIDTOWNATLANTA, GAUnits: 118Beds: 330
CREST AT ELONELON, NCUnits: 42Beds: 168
VERANDA AT AUBURNAUBURN, ALUnits: 115Beds: 368
BUFFALO LANDAMHERST, NYLand 27 ± Acres
COURTYARDSGAINESVILLE, FLUnits: 91Beds: 375
U LOFTSLUBBOCK, TXUnits: 229Beds: 334
THE PLAZATALLAHASSEE, FLUnits: 289Beds: 359
STERLING 42NDTAMPA, FLUnits: 196Beds: 722
EDGE 55FORT WORTH, TXUnits: 55Beds: 165
CARDINAL TOWNELOUISVILLE, KYUnits: 253Beds: 545
Demonstrated Performance
Results � All transactions closed successfully, with very little modifications to purchase price. A true up period was defined for post-
closing, and our team handled all the calculations and negotiations through that effort. � Both buyer and seller were pleased with the outcome and this student housing portfolio remains one of the largest in the
student housing industry in which brokers managed the transaction.
Challenge � One of the largest properties being offered in the
portfolio was located in Gainesville, FL and was under construction during the marketing campaign, which was coinciding with lease-up season.
� The property located in Tampa, FL had a loan which had to be assumed by the buyer.
� The Athens, GA property was a hybrid in that a percentage of the units had already been sold as condos with a number of units sold and some rented to students.
� The Columbia, MO project was struggling through lease up and the seller embarked on a massive marketing campaign that called for the addition of flat screen TV’s in all the units.
� In San Marcos, TX, the asset was located more than two miles from campus.
� The seller had been a developer for many years and each of the properties in the portfolio were owned by a different group of investors/partners.
Strategy � The listing agents worked diligently with the seller, the construction team and the management team, to monitor all aspects of timing on both construction, COO’s and lease up progress. We got in front of a potential re-trade so that both buyer and seller were in agreement on what the consequences would mean to each of them if critical dates and lease up percentages were not achieved.
� In order to “fast track” the loan assumption process, we worked with the lender weekly.
� Based on the intimate knowledge of the condominium documents for the Athens asset, we calculated what the upside would be when the remaining available condo units sold, thereby providing additional income to the buyer.
� Although the seller was dedicated to the cost surrounding the addition of flat screen TV’s in the units, the success of the campaign needed to be monitored daily.
� Scheduled bi-weekly calls with all ownership groups in order to provide information to all parties.
Buyer LaSalle Investment Management
SellerFortGroup
FIVE PROPERTY STUDENT HOUSING PORTFOLIO
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OUR KNOWLEDGE
ADVANTAGE
IS JUST ONE
MORE WAY WE
ACCELERATE
YOUR SUCCESS.
OUR KNOWLEDGE ADVANTAGE IS JUST ONE MORE WAY WE ACCELERATE YOUR SUCCESS.
*The combination of Colliers International and FirstService results in 2.5 Billion under management (2nd largest in the world)
1.7B*
$2.3B
502
16,300
67
$97B
SF UNDERMANAGEMENT
IN REVENUE
OFFICES
PROFESSIONALSAND STAFF
COUNTRIES
TRANSACTION VALUE
ENTERPRISING CULTUREColliers is an enterprising real estate services provider that is fast-moving, flexible and committed to service excellence. We became the world’s third largest provider of real estate services by being experts at what we do and anticipating client needs. This is who we are at our core and what allows us to attract top-tier professionals and, in turn, deliver best-in-class service to our clients.
COLLABORATIVE, INTEGRATED SERVICE PLATFORM With a seamlessly integrated platform of global services worldwide, Colliers helps clients buy, sell, lease, manage, lend, appraise, provides project management, facilities management and corporate solutions globally. We continually strive to strengthen our expertise and the collaboration among each of our service lines through unprecedented investments in key people, essential markets, and business systems.
ONE BRAND | ONE VISIONWorldwide, Colliers shares one brand and one vision—to deliver the best service experience, and to accelerate the success of our clients. As a single, global company, we are backed by the financial strength of FirstService Corporation, a strong, diversified capital partner, allowing us to invest in major resources that create bigger and better opportunities for our clients. As a result, we are well on our way to becoming the world’s leading real estate services provider.
ABOUT FIRSTSERVICEFirstService Corporation is a global leader in the rapidly growing real estate services sector. Providing a variety of services in commercial real estate, residential property management and property services, FirstService generates more than $2.3 billion in annual revenues and employs 23,000 people worldwide. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, one of North America’s largest providers of property-related services delivered through franchise and contractor networks.
THE COLLIERS ADVANTAGE
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Global Exposure + Student Housing Expertise = Successful Results
H OT E L L A N D M U LT I FA M I LY R E TA I L O FF I C E I N D UST R I A L
WHY WE’RE DIFFERENT
� The foundation of Colliers’ service to our clients is the strength and depth of our global platform to our specialists on the ground.
� Colliers has been built from the ground up and clients can depend on our ability to draw on years of direct experience in the local markets.
� Colliers has built a system of accountability with tools and processes that hasten execution and decision making, as well as provide transparency to performance and value creation.
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Global Exposure + Student Housing Expertise = Successful Results
PROVEN PATH
[email protected] 813 928 [email protected] 813 767 [email protected] 772 633 1376
When it comes to student housing, there’s no substitute for trusted, tested professionals. With an integrated global services platform, we bring industry-leading expertise, specializing in the acquisition and disposition of by-the-bed and conventionally leased student housing properties. At Colliers, we optimize your real estate position, every step of the way.
colliers.com/studenthousing
StudentHousing KNOWLEDGE IS POWER