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Deciphering Data Taylor Gunn Student Housing Analytics Lead Axiometrics Join the conversation @apartmentwire U.S. Trends Enrollment and Demographics U.S. Change in Enrollment and Growth College Age Population Sources: Axiometrics,


  1. Deciphering Data Taylor Gunn Student Housing Analytics Lead Axiometrics Join the conversation @apartmentwire

  2. U.S. Trends – Enrollment and Demographics U.S. Change in Enrollment and Growth College Age Population Sources: Axiometrics, National Center for Education Statistics (NCES), Census

  3. Earnings and Unemployment Rates by Educational Attainment Sources: Axiometrics, BLS

  4. Axio175 Universities: Change in Enrollment and Growth Sources: Axiometrics, University Fact Books, IPEDS

  5. Demand Growth by University Size Axio175 Average Change in Enrollment Axio175 Average Enrollment Growth Each dot represents an individual university. Sources: Axiometrics, University Fact Books, IPEDS

  6. National Student Housing Beds Delivered by Year Based on Axiometrics data as of September 20, 2016. Only includes purpose-built student housing properties, does not include on-campus or student competitive properties. The total for 2017 is preliminary and includes planned properties. The total for 2016 may change as construction concludes or gets pushed to a later date. Sources: Axiometrics

  7. Map of Deliveries by Year Built Based on Axiometrics’ coverage as of September 2016. Only includes off-campus beds, does not include on-campus or student competitive. Includes properties scheduled for 2017 that have already started construction and those still considered planned properties. Sources: Axiometrics

  8. Annual Effective Rent Growth by Prelease by Month Distance Each dot represents an individual property Source: Axiometrics Note: Based on Axiometrics data as of August 2016. Prelease only includes off-campus purpose-built properties that disclosed prelease for the above months in 2014, 2015, and 2016. Annual effective rent growth is based on average effective rent from November 2014-August 2015 and November 2015-August 2016.

  9. Average Performance by Size of University Source: Axiometrics Note: Based on Axiometrics data as of August 2016. Prelease only includes off-campus purpose-built properties that disclosed prelease in August 2015 and 2016. Effective rent growth is based on average effective rent from November 2014-August 2015 and November 2015-August 2016.

  10. DECIPHERING DATA: TIPS TO ESTIMATE STUDENT AND INVESTOR DEMAND Jeanette I. Rice Americas Head of Investment Research CBRE Join the conversation @apartmentwire

  11. Deciphering Data Investment Special Thanks to CBRE Student Housing Investment Sales Team • Jaclyn Fitts, Director of Student Housing BLVD, Dallas, TX (SMU) • William Vonderfecht, Associate • Casey Schaefer, Associate

  12. Transaction Volume – Annual 300 $6,000 250 $5,000 200 $4,000 150 $3,000 212 100 $2,000 171 154 152 134 120 103 50 $1,000 96 90 91 19 71 72 68 14 12 11 8 7 50 3 0 $0 2010 2011 2012 2013 2014 2015 Thru Q2 2016 Number of Transactions Number of Properties Number of Portfolios $ Volume (Millions) University View, College Park, MD (UMD) Source: CBRE National Student Housing Group, Q2 2016.

  13. Transaction Volume – H1 Comparisons (thru q2 of each year) 180 $6,000 150 $5,000 120 $4,000 90 $3,000 171 60 $2,000 99 73 72 72 30 $1,000 49 12 12 36 34 33 33 32 5 4 2 2 26 1 13 15 0 $0 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Number of Transactions Number of Properties University View, College Park, MD (UMD) Source: CBRE National Student Housing Group, Q2 2016.

  14. Transaction Volume – Portfolios 160 $4,000 120 $3,000 80 $2,000 111 40 $1,000 77 71 38 35 26 3 18 8 13 11 7 19 12 0 $0 2010 2011 2012 2013 2014 2015 Thru Q2 2016 Number of Transactions Number of Properties $ Volume (Millions) University View, College Park, MD (UMD) Source: CBRE National Student Housing Group, Q2 2016.

  15. Cap Rates – Student Housing vs. Conventional Multifamily 7.5% Student Housing 7.0% 6.5% Multifamily 6.0% 5.5% 5.0% 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 Campus Lodge Tampa, FL (USF) Source: CBRE National Student Housing Group (student housing), Real Capital Analytics (conventional multifamily), Q2 2016.

  16. Cap Rates – Pedestrian vs. Non-Pedestrian Assets 7.25% 7.00% 6.80% 6.79% 6.75% 17 bps 37 bps 6.62% 6.50% 6.34% 6.43% 6.25% 32 bps 6.01% 6.00% 5.88% 20 bps 6.02% 15 bps 5.75% 5.81% 5.74% 5.50% 2012 2013 2014 2015 Thru Q2 2016 Less Than 0.5 Miles Greater Than 0.5 Miles Campus Lodge Tampa, FL (USF) Source: CBRE National Student Housing Group, Q2 2016.

  17. Cap Rates – Football and Student Housing 7.25% 7.00% 7.00% 28 bps 6.75% 6.49% 6.72% 6.46% 6.50% 6.37% 29 bps 6.25% 55 bps 73 bps 6.17% 6.00% 5.94% 5.75% 5.64% 5.50% 2013 2014 2015 Thru Q2 2016 Non-Division I Division I TCU, Fort Worth, TX Source: CBRE National Student Housing Group, Q2 2016. Division 1 FBS schools. Analysis excludes transactions in metros of New York City, Dallas, Denver, Chicago and California.

  18. Cap Rates – Football and Student Housing Cap Rate Number of H1 2016 Average Transactions 40 7.00% 35 6.75% 6.37% 30 6.50% 6.19% 25 6.25% 20 6.00% 15 5.75% 5.51% 10 5.50% 5 5.25% 18 16 34 0 5.00% Non-Division I Division I, Non-Power 5* Division I, Power 5* Transaction Volume Average Transaction Cap Rate TCU, Fort Worth, TX Source: CBRE National Student Housing Group, Q2 2016. Division 1 FBS schools. Analysis excludes transactions in metros of New York City, Dallas, Denver, Chicago and California. *Power 5 consists of universities with football programs in The Atlantic Coast Conference, Big Ten Conference, Big 12 Conference, Pac-12 Conference, and Southeastern Conference.

  19. Pricing Trends Per Bed – All Thousands $80 $68 $70 $61 $60 $51 $51 $48 $50 $45 $44 $42 $41 $39 $38 $36 $40 $34 $28 $30 $23 $20 $10 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* 2013 2014 2015 Thru Q2 2016** BLVD63 Source: CBRE National Student Housing Group, Q2 2016. *The 2012 ACC-Campus San Diego, CA (SDSU) Acquisitions and ACC-Kayne Anderson transactions and 2016 Scion-University House and HSRE-CCG transactions were not included in this data.

  20. Pricing Trends Per Bed – By Vintage Thousands $120 $97 $100 $80 $78 $80 $68 $62 $54 $60 $50 $48 $48 $46 $45 $44 $35 $40 $31 $20 $0 2010 2011 2012* 2013 2014 2015 Thru Q2 2016** Greater than 10 Years Old Less than or equal to 10 Years Old BLVD63 Source: CBRE National Student Housing Group, Q2 2016. *The 2012 ACC-Campus San Diego, CA (SDSU) Acquisitions and ACC-Kayne Anderson transactions and 2016 Scion-University House and HSRE-CCG transactions were not included in this data.

  21. Pricing Trends Per Bed – By Distance to Campus Thousands $100 $90 $86 $83 $80 $66 $59 $58 $60 $50 $47 $45 $43 $40 $20 $0 2012* 2013 2014 2015 Thru Q2 2016** Greater than 0.5 miles Less than or equal to 0.5 Miles BLVD63 Source: CBRE National Student Housing Group, Q2 2016. *The 2012 ACC-Campus San Diego, CA (SDSU) Acquisitions and ACC-Kayne Anderson transactions and 2016 Scion-University House and HSRE-CCG transactions were not included in this data.

  22. Seller Profile Sterling Summit Reno, NV (UNR) 2015 2016 (thru Q2) University University 2% 1% TIC TIC 3% 5% Public REIT 7% Public REIT 9% Developer 40% Developer Private 49% 26% Private 25% Fund Fund 14% Institution 9% Lender/ 9% Special Servicer 1% Source: CBRE National Student Housing Group, Q2 2016. Based on total dollar volume. *The 2016 Scion- University House and HSRE-CCG transactions which occurred in H1 2016 were not included in this data.

  23. Buyer Profile Sterling Summit Reno, NV (UNR) 2015 2016 (thru Q2) University Developer Developer 3% 0% 2% Public Public REIT University REIT 4% Fund 11% 8% 12% Fund 30% Institution 21% Private 48% Institution Private 11% 50% Source: CBRE National Student Housing Group, Q2 2016. Based on total dollar volume. *The 2016 Scion- University House and HSRE-CCG transactions which occurred in H1 2016 were not included in this data.

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