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Collegiate Management Group Launches Property Recovery Division
Collegiate Management Group announces the formation of their Property Recovery Division to assist owners and investors of distressed student housing properties.
This focus on distressed properties stems from the many owners and banks approaching Collegiate Management Group looking for ways to increase collections, attract new residents, and increase or maintain rental rates and revenue. Collegiate’s goal is to use fundamental management techniques that emphasize university involvement and clear communication with residents. These transitions are not new to Collegiate Management Group. As Senior Vice President / Division Director, Cole Heard has been tasked with turnaround properties throughout her career. “Many properties were struggling before the economic downturn; however, the situation is now dire. We believe many of the properties have lost sight of basic operational functions. As a result, delinquency rates are up and residents are no longer connected to the community.”
Collegiate Management Group has already been credited with turning around two properties in 2009. The properties were struggling with high delinquencies and low pre-lease occupancies. Collegiate Management Group decreased bad debt at one property from 24% of revenue per month to less than .05% in sixty days. At another property, Collegiate Management Group implemented an aggressive renewal and marketing program, an open communication with the university and effective residential programming. The struggling property was 42% occupied when Collegiate Management Group took over; however, in two months Collegiate pre-leased the property to 82% for the Fall 2009 semester. With continued marketing efforts and university involvement, Collegiate expects the property to be fully occupied by August 2009.
Services to be offered under Collegiate Management Group Property Recovery Division:
Capital Expenditure and Facility Planning
“Fresh Living” Residence Life Program
About Collegiate Real Estate Services Group: Collegiate Real Estate Services Group was formed in 2001 by industry leader Rafael Figueroa. Mr. Figueroa is considered one of the pioneers of the modern student housing industry from his work developing the current public/private venture model used by various universities and developers today. Since its inception, Collegiate has grown to be one of the most well-respected and experienced operators, developers, contractors, and consultants of on- and off-campus housing in the nation. Collegiate strives to deliver “Fresh” student living concepts to universities, institutional clients, and private investors through expertise, technology, and operational efficiencies. Service offerings include: Development Services, Finance Coordination, Design Build, Acquisition Services, Feasibility Studies, Operational Consulting, Due Diligence, Retail Consulting, Master Planning, Program Management, Physical Plant Management and Property Management.
For more information about Collegiate Real Estate Services Group, please visit the firm’s website at www.collegiate-
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Collegiate Real Estate Services Group (CRESG) is one of the most well-respected and experienced student housing firms in the nation. CRESG provides management, development, and construction for on- and off-campus student housing.