News
Release Date: May 14, 2012
Innovative Student Housing
& Harrison Street Acquire 612-Bed Student Housing Facility
AUSTIN,
Texas (May 11, 2012) – Innovative Student Housing (INNOVATIVE) and
Harrison Street Real Estate Capital (HSRE) have purchased a new 612-bed,
purpose-built student housing property near Brigham Young University-Idaho in
Rexburg. The debt was facilitated by Arbor Realty Trust.
INNOVATIVE has
an existing presence in the market as the only national student housing firm
approved to manage housing at the university. Jon Phister,
Owner/Developer Relations Manager at BYU-Idaho stated, “We love the level of
engagement and professionalism we have experienced with the entire team at
Innovative Student Housing. At BYU-Idaho we appreciate working with companies
like INNOVATIVE who will join with us in support of our values and honor
code in student living. We look forward to our continued partnership with
Innovative Student Housing.”
Innovative Student Housing provides an end-to-end suite
of services including sourcing high value acquisition opportunities for
investors, development, growing NOI through management, and assisting in
disposition. INNOVATIVE is an innovator in the student housing industry
by implementing and continuing to refine best practices from within the
industry and Fortune 500 companies in marketing, leasing, expense optimization,
and all core processes.
For
more information visit: www.innovativesh.com
Contact:
Cassie Carter, Corporate Marketing Director
ccarter@ish-corp.com
512.306.0300
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Release Date: May 2, 2012
FOR
IMMEDIATE RELEASE
Innovative Student Housing
Forms Joint Venture for 830-bed, Luxury Student Housing at University of
Louisville
AUSTIN,
Texas (May 2,
2012) – Innovative Student Housing (INNOVATIVE) has formed a joint venture with a local Louisville,
Kentucky investment group to seek zoning for an 830-bed, luxury student housing
project.
The
joint venture, Cardinal Student Housing and Development, LLC., has applied for re-zoning
with the City of Louisville. The luxury student
housing and retail project will be a 5-story development located adjacent to
the University of Louisville campus at the corner of Eastern Parkway and
Crittenden Drive.
“INNOVATIVE looks forward to collaborating
with the City of Louisville in the re-zoning process,” says Doug Sherman,
President and CEO of Innovative Student Housing. Sherman continued, “We intend to be good
neighbors and provide a best-in-class living experience for University of Louisville
students.”
The
landmark location overlooks the University of Louisville campus and will be
highly visible from the campus and Interstate 65.
Innovative Student
Housing provides an end-to-end suite of services including sourcing high value
acquisition opportunities for investors, development, growing NOI through
management, and assisting in disposition.
INNOVATIVE is an innovator in the student housing industry by
implementing and continuing to refine best practices from within the industry
and Fortune 500 companies in marketing, leasing,
expense optimization, and all core processes.
For
more information visit: www.innovativesh.com
Contact:
Cassie Carter, Corporate Marketing Director
ccarter@ish-corp.com
512.306.0300
#
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Release Date: October 5, 2011
Action began this summer on the revitalization project at the southwest corner of the University of Toledo’s Main Campus. The UT Foundation selected Innovative in the early stages as a development and design consultant, and has since charged the Innovative team with property management and marketing services for the Lofts at Gateway.
“Innovative was a clear choice for The UT Foundation because of their student centered approach to management and proven ability to grow financial returns,” said Matt Schroeder, Vice President for Real Estate Development for the UT Foundation.
Since the partnership commenced, the website launched (www.loftsatgateway.com), and a buzz has been created around the UT campus leading to a 120+ student VIP list before the leasing office opened. Leasing for the Fall 2012 school year began this Monday, September 26th.
The Lofts at Gateway will be located on the top floors of a 38,000 square foot retail space that includes restaurants, shopping and a banking center. Confirmed tenants include; Barnes and Noble, Starbucks, Great Clips, Jimmy John’s, and Gradkowski’s Sports Grille. The overall land-use plan includes an environment in which residents can live, learn, work and participate in civic life.
Release Date: September 21, 2011
Beginning December 1, 2010, Innovative Student Housing (Innovative) successfully transitioned into the property management role. ISH was charged with the task of increasing the net operating income after the property was challenged with loss of income due to costs over runs.
Since the takeover, future rents have increased approximately five percent. The property is currently at 100% preleased, a 23% increase from this time last year.
The owner of Campus View Apartments stated, “We tried two of the largest conventional management companies out there (and they were local), and neither could figure it out. We brought in Innovative, and we were initially concerned because of the distance from their office to the property (2,000 miles), but they got the property back on track, pushed rents, and lowered expenses.”
The 22.41% increase in NOI was a combination of income and expense optimization. Occupancy grew 2.19% while 57% of concessions were eliminated. The most notable expense reduction was payroll, with a reduction in cost of 34.33% after a staff evaluation and restructuring the team and using a residence assistance program.
Release Date: July 27, 2011
Beginning June 1, 2011, Innovative Student Housing (ISH) successfully transitioned into the property management role at the 344-bed facility. ISH has been charged with the task of bringing a higher level of value to the property through expense optimization and closer attention to day-to-day operations.
Within the first 30 days of the takeover, ISH led the project to a 5% reduction of operating expenses. The owner of Bosque Crossing stated, “The promises of cost savings have come to fruition. After meeting the management team at ISH I was confident in their abilities and ideas. Now they have delivered, and it is clear that their experience translates to solid value for my investment.”
Innovative Student Housing credits their success to implementing a formal Management System for expense control. “We are dedicated to advocating expense optimization for our owners,” said Doug Sherman, CEO of Innovative Student Housing, “Bosque Crossing is an ideal case study of how quickly the implementation of our Best Practice models can produce results for an owner or investors’ bottom line.”
The property owner also expressed, “ISH’s communication, accessibility, and cost savings have met and exceeded my expectations in their management services.”
Innovative Student Housing provides an end-to-end suite of services including sourcing high value acquisition opportunities for investors, growing NOI through management and assisting in disposition. Innovative Student Housing is an innovator in the student housing industry by implementing and continuing to refine Best Practices from within the industry and Fortune 500 companies in marketing, leasing, expense optimization, and all core processes.
For more information visit: www.ishmanagement.com
Contact: Cassie Carter, Corporate Marketing Director
ccarter@ish-corp.com
512.306.0300