For third-party managers of on-campus communities, creating a seamless experience between the classroom and residence hall is paramount to success.
When it comes to third-party management, one might be inclined to assume the offerings aid experience are identical on- and off campus. The properties serve the same group of students, after all. How much variation could there be? This is where any seasoned on-campus operator would shake their head, moving quickly to point out that the distinction between the two types of communities is substantial.
First, it is incumbent to note that the student population is just the tip of the iceberg for an on-campus community. Residence halls need to reflect the look and feel of the university and the institution’s core values. They need to provide a sense of community that makes students – and their parents – feel comfortable and secure leaving their homes for the first time.
In short, residence halls are an integral part of the college or university environment – not just a real estate investment, according to Jay Pearlman, senior vice president of advisory services with The Scion Group. “A strong on-campus operator must prioritize how their community aligns with the institution’s mission and vision just as much as they focus on NOI,” he says.
This means creating residence hall environments that allow for students to have a seam less experience as they move from class to the dining hall and then home to their community, says Michael Reighter, vice president of management with Michaels.
“Students should always feel like they are on-campus, so making sure the community blends into the campus ecosystem is extremely important,” he says. “This helps drive our day-to-day process to make sure we are prioritizing each resident’s well-being.”
And the number of universities entering public-private partnerships to develop new residence hall projects is continuing to grow as enrollment numbers rise across the country, with even facilities-only management contracts increasing in popularity, according to Bradley Shaw, senior director of real estate with Greystar. This means a growing cross pollination of off- and on-campus expertise coming together.
Read article here.
