Houston, Texas (PRWEB) September 19, 2009
Asset Campus Housing is pleased to be a part of another client success story in one of the most troubled student housing markets in the country. Canopy, a 770-bed student housing facility in Gainesville, Florida, is now 98% occupied at the highest prices in the market, out pricing comps by $100-$150/bed. The property outpaced the market by over 15 percent, with other leading properties gaining only one to two percentage points above market.
Arlington Properties developed Canopy and selected Asset Campus Housing as the property management company. This state-of-the-art facility features a virtual golf machine, indoor basketball court, cutting-edge fitness center as well as unit upgrades including stainless steel appliances, wood floors and granite throughout. New and packed with amenities, Canopy has another unique feature in its landscaping and shaded surroundings, a result of existing trees being preserved during development.
Asset Campus Housing (ACH) was chosen to manage the property because of their extensive experience with the Gainesville, Florida market. Facing decreasing enrollment at the University of Florida due to state funding issues and increased competition caused by the introduction of 5,000 new beds in the last 36 months, supply outpaced demand and had left many properties struggling to lease.
Creative marketing efforts developed and executed by the onsite ACH team and corporate marketing department led to the unprecedented success of the property. An email and text message campaign to students at the University of Florida and Santa Fe Community College proved to be an extremely effective strategy. Additionally, ACH brought a seasoned manager out of retirement to manage the property. "Her extensive knowledge of the Gainesville market, along with ACH's experience in new development lease-ups was instrumental for Canopy's success," said Julie Bonnin, Chief Operating Officer for ACH. In addition to a low property to supervisor ratio, ACH combines new hires with seasoned professionals to help create a culture onsite that will sustain the asset for many years to come.
"You have to focus on the positive and get the job done for the client. We believe in creating our own success regardless of poor market conditions or other obstacles that may exist," according to Bonnin.
Asset Campus Housing, Inc. ("ACH") is a wholly owned subsidiary of Houston based Asset Plus Companies, a third party property management firm specializing in student housing, multifamily and commercial real estate services for investors, developers, and owners.