Dallas (May 3, 2018) – Pinnacle, one of the nation’s leading multifamily management firms, announces the addition of two leadership positions to oversee its student housing platform,Pinnacle Campus Living (www.pinnaclecampusliving.com).Ted Broadfoot heads up the division as executive vice president and Christie Bennett handles daily operations as his vice president and direct report. Both positions are based in Pinnacle Campus Living’s Dallas headquarter office.
A 12-year veteran at Pinnacle, Broadfoot has tapped into all aspects of multifamily operations over the past 20 years. His recent asset management of a 65,000 unit portfolio led him to build strong institutional relationships that will prove advantageous for Pinnacle Campus Living. Also beneficial is his understanding of construction, capital markets, team building and all multifamily property types.
“Student certainly has its nuances but a background in conventional management has translated well into this space,” says Broadfoot. “Pinnacle Campus Living recently achieved a 100 percent prelease for a developer five months before opening in the Syracuse market because of our robust support platform and the expertise of our colleague and president, Andrew Stark. We draw on every resource to create value for our clients.”
Working alongside Broadfoot to build the Pinnacle Campus Living brand is Bennett, another long-time veteran of Pinnacle. This former director of revenue management has experience with student focused assets, among others, and brings deep experience with all life cycles of a community, including lease-ups. Her expertise in diagnosing market conditions and analyzing supply and demand fundamentals for up to 75,000 units will certainly increase the effectiveness of the organization. Bennett’s nine-year working relationship with Broadfoot will provide synergistic leadership for the student housing team.
At its inception in August 2017, Pinnacle Campus Living managed approximately 14,000 beds. The company’s student housing pipeline has realized steady growth, particularly with new construction projects, adding nine properties to the now 17,000-bed portfolio that is affiliated with 26 universities. The new additions include:
- Terrapin Row –1,493 beds at University of Maryland in College Park, MD
- Logan Square – 639 beds at Auburn University in Auburn, AL
- Tenn Street – 624 beds at Florida State University in Tallahassee, FL
- Varsity on K – 317 beds at George Washington University in Washington D.C.
- The Statesider – 226 beds at University of Wisconsin in Madison, WI
- The Towers on State – 231 beds at University of Wisconsin in Madison, WI
- College and Crown – 204 beds at Yale University in New Haven, CT
- Stadium View – 216 beds at Texas A&M University in College Station, TX
- Commons on Knox / Bridge – 858 beds at University of Tennessee in Knoxville, TN
“The student housing sector continues to enjoy tremendous growth, with a historical 14.6 percent increase in new, institutional-quality supply over the past four years,” explains Broadfoot. “With the evolution of this niche sector over the last 15 years, students and parents want alternatives to the traditional higher education housing models. This demand driver attracts institutional investors due to the opportunities and stable return profiles this sector has to offer. ”
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 165,000residential units and 2.75 million square feet of commercial assets. With its Corporate Headquarters located in Dallas, Texas, Pinnacle has more than 4,100 employees located in 30states. For more information, visit www.pinnacleliving.com.