Pinnacle Expands Student Housing Platform
Pinnacle Campus Living formed to oversee approximately 14,000 beds across the country
DALLAS, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Pinnacle, one of the nation’s leading multifamily management firms, announces the expansion of its student housing platform through a joint venture with Andrew Stark and Nathaniel Fowler, founding principals of Campus Evolution Villages, a Top 20 owner and manager of student housing.
|
|||||
The joint venture will operate under the new brand, Pinnacle Campus Living, (www.pinnaclecampusliving.com), wherein Pinnacle will assume management of all owned Campus Evolution Village communities to create exceptional experiences for students, their parents and universities across the country. The team will focus jointly on new business efforts to expand the platform.
“Pinnacle Campus Living was formed in direct response to our clients’ emerging investment strategies,” explains Pinnacle’s President and CEO Rick Graf. “As many of our institutional clients seek a stronger presence in the student sector, we want to establish ourselves as a niche manager who can provide the most value for their specialized product.”
Poised for growth, Pinnacle Campus Living is currently engaged to oversee and manage approximately 14,000 beds affiliated with 27 universities across 18 states from the corporate headquarter office in Dallas, Texas, with a pipeline of additional properties to be added soon. The combined portfolio creates a scalable platform that is focused exclusively on student housing nationwide.
“More investors are wanting a stake in the student housing arena and currently encounter a fragmented approach to sophisticated property management. Pinnacle Campus Living will provide a singular resource for them,” says Graf. “We understand that student housing is much more than a place to live, it is a community and one of the critical cornerstones in fostering a successful college experience. Andrew and Nate have developed a reputation of excellence they have harvested their platform into a sector leader. We look forward to achieving the next level of success together.”
Student living has evolved over the last 15 years into a niche extension of multifamily housing as many students and parents are seeking alternatives to the traditional housing model in most higher education environments. The attractiveness of the space has driven many institutional investors to create specific fund vehicles with the sole purpose of diversifying within the industry. As the student sector has matured, the demand for institutional quality property management has also increased.
“We are excited about the opportunity to team up with a world class organization such as Pinnacle. This combination takes our change-agent approach and track record in student housing and enhances our opportunity to build the platform,” says Andrew Stark, who has been named President of Pinnacle Campus Living. “We have understood from the beginning that success in student housing goes beyond merely heads in beds to deliver the best results for investors by exceeding our resident’s expectations. By marrying our student-only focused team with Pinnacle’s robust national platform, we have formed a specialized niche management group with unparalleled expertise.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/daee2585-486c-464e-b2bf-899736b6add5
About Pinnacle Property Management Services, LLC
Pinnacle Property Management Services, LLC, (“Pinnacle”) is a privately held national real estate provider specializing in third party management of multifamily residential communities. As one of the nation’s preferred third-party managers, Pinnacle’s portfolio includes over 172,000 residential units and 2.75 million square feet of commercial assets. With the Corporate headquarters located in Dallas, Texas, Pinnacle has more than 4,300 employees located in 30 states. For more information, visit www.pinnacleliving.com.
MEDIA CONTACT Kerri Fulks (972) 499-6617 Kerri.Fulks@hck2.com
