Oct 13, 2020
Multifamily development is critical to address the housing shortage across the United States. However, the cost and lead time make it more challenging for most investors. The future of multifamily development is shifting driven by changes in the millennial life stage and co-living spaces as a result of COVID. In addition, student housing development has been evolving for over a decade based on student and parent preferences.
In the mid-2000s, new student housing was focused on fun, lifestyle activities like tanning beds, surfing parks, and lazy rivers. These leisure amenities are less popular now as parents want to make sure students are focusing on school, not partying. Now, you see more focus on group study spaces and flex spaces for work out classes in newer student housing.
To learn more about multifamily and student housing development, we spoke with Doug LoPinto who is the VP of Finance and Acquisitions for DMG Investments. Doug has been working for family offices and capital markets focusing on finance and capital markets. His focus is on ground-up development for both multifamily and student housing. They are paying close attention to shifts in demand and the COVID impact on multifamily construction and new student housing developments.
In this episode, Doug shares the
process for ground-up development and entitlements, the changing
demands of student housing, the criteria they use to identify
markets for student housing development, the impact COVID has had
on new multifamily construction, and whether now is a good time to
invest in student housing.
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Key Insights on Multifamily and Student Housing Development
We are very bullish on core markets across the sunbelt
and the North East
It’s more than just finding a site, getting some plans
in and getting a building permit; it’s a high-touch process with a
lot of invested stakeholders
Study spaces and flex spaces where students gather is
something that is very popular in [student housing] leasing right
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Started working in hotel development without knowing the cycle, just thinking I could do it. Though I made mistakes, I leaned on my mentor network, learned a lot, and it pushed me to dive deeper than I would have.
Wish I Knew When I Was Starting Out:
Never stop learning.
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