A two-hour interactive workshop designed for real estate investors, developers, and capital allocators who want to understand—and invest in—the purpose-built student housing (PBSH) asset class.
Over two hours, you'll learn how the PBSH market works, why its economics consistently outperform traditional multifamily, how to source and analyze university-level demand data, and how to evaluate, underwrite, and structure student housing investments. The session includes live case studies from Aptitude's current portfolio.
Jared is one of the leading purpose-built student housing developers and operators in the U.S. At Aptitude, he leads the development and operation of high-performance residential assets at Tier-1 universities through The Marshall, Aptitude's in-house property management brand. Aptitude's model integrates development and management into a single platform, delivering purpose-built product designed around students' academic and social lives, and operated to outperform. Current projects include developments at Arizona State University and SUNY Binghamton.
Contact the host →You'll learn how to:
- Understand the PBSH market: what it is, what's driving demand at Tier-1 universities, and why it outperforms conventional multifamily
- Quantify demand using university data: how to access and interpret enrollment figures, bed deficits, and pipeline data to model demand down to the bed
- Evaluate the math—PBSH vs. multifamily: why the same square footage generates 2x the revenue under a student housing program, and how collections, pre-leasing, and guarantor profiles de-risk the income stream
- Assess sites and markets: what makes a location investable—walkability, proximity to campus nodes, zoning constraints, and structural supply barriers
- Underwrite student housing investments: ground-up development and acquisition opportunities using real models from Aptitude's portfolio
- Structure capital stacks and exit strategies: how developers and institutional investors partner on PBSH deals, and why stabilized assets trade at meaningful spread compression
- You'll leave with actionable insight into how to invest in purpose-built student housing—how the economics work, where the demand data lives, and what separates winning projects from the rest.
Part One: The Market Playbook & Why PBSH Outperforms (approx. 60 min)
The First Residential Product Designed Around a Measurable Renter Base
How purpose-built student housing differs from traditional multifamily—and why precise demand data, parent-backed leases, and academic-calendar visibility make it one of the most analytically defensible opportunities in institutional real estate.
What's Driving Demand
Enrollment growth at flagship publics, international student demand, rising household incomes among guarantor families, and a widening quality gap between aging off-campus stock and modern purpose-built product. Understand where demand is concentrating—and which markets are next.
The Math—PBSH vs. Multifamily
How per-bed leasing transforms unit economics. A 4-bed/4-bath unit at $1,250–$1,500 per bed generates $5,000–$6,000/month on the same 1,200 SF that rents for $2,500–$3,000 as conventional multifamily. Plus: why delinquency runs 1–2% vs. 4–7% in traditional apartments, and how 9–12 month pre-leasing creates revenue visibility no other residential format can match.
Accessing & Analyzing University Demand Data
How to use publicly available enrollment data—by class year, residency, full-time status, and program—to calculate true bed deficits. How developers like Aptitude layer in shadow-market assumptions, pipeline reviews, and planning-board analysis to arrive at precise demand estimates.
Designing for Two Customers—Students and Parents
Why PBSH is a dual-consumer product: students choose based on proximity, lifestyle, and social positioning; parents evaluate safety, management quality, and operational standards. How this dynamic shapes architecture, amenity programming, and management platforms.
The OpCo-PropCo Advantage
How Aptitude's in-house operating brand, The Marshall, integrates development and management into a single product—and why controlling both the building and the brand drives 100–200 bps of enhanced yield. Leasing cadences, staffing models, parent-communication standards, and amenity programming built for the unique rhythms of student life.
Trends & Evolving Dynamics
The rise of user-driven residential, institutional capital flowing into branded operating platforms, and how PBSH is functioning as a leading indicator for what the next generation of multifamily renters will demand.
Part Two: The Deal Level—How to Evaluate & Underwrite PBSH Investments (approx. 60 min)
Aptitude's Buy Box & Market Selection Framework
Tier-1 enrollment resilience, significant bed deficits, structural constraints on walkable housing, and operational fit. How to evaluate markets with both a development lens and an operating lens.
Case Study 1—The Marshall Tempe (ASU)
485 beds, 188 units, 900 feet from campus. Step-by-step underwriting of a ground-up Tier-1 development—from site selection and demand quantification to cost modeling, rent assumptions, yield-on-cost targeting, and institutional exit pricing. Why ASU's 25,000-bed deficit and 20% YOY rent growth in top assets create a locked-in demand thesis.
Case Study 2—The Marshall Binghamton (SUNY Binghamton)
516 beds, 195 units, 500 feet from campus. How a mid-sized Tier-1 public with severe walkable-supply constraints, aging off-campus stock, and strong enrollment growth supports the same underwriting framework—and why institutional buyers are increasingly targeting these markets for diversification and yield.
Underwriting Yield-on-Cost & Exit Cap Rates
Building to high-6% / low-7% unlevered yields with projected exits in the low- to mid-5% cap range. How rent-per-SF arbitrage, pre-leasing visibility, and guarantor-backed collections support institutional pricing from buyers like Blackstone, GIC, Harrison Street, and DWS.
Capital Stack Design & Investor Alignment
How institutional investors, private equity firms, and developers structure PBSH deals: co-GP arrangements, promotes, platform-level partnerships, and how favorable financing reflects the category's collection reliability and outsized demand-to-supply ratios.
Risk & Return Frameworks
How market selection, enrollment trends, walkability constraints, construction costs, and operational execution impact underwriting and deal outcomes.
Format & access
One live session
Held live on Zoom, with time for questions throughout.
Recorded for everyone
The full recording is sent to every registrant, whether or not you attend live.
Slides & materials
Participants receive the workshop slides, case studies, and implementation tools.
Private Circle community
Post-workshop access to Circle, with recordings, resources, and the Thesis Driven community.
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Frequently Asked Questions
Will participants receive a copy of the materials?
Yes. All registered participants will receive an invitation to join our private Circle community. Recordings, slides, models, and case studies will be uploaded within one week of the workshop ending.
I can't make this time—will a recording be available?
Yes. All registered participants receive access to the recording and materials via Circle, even if they cannot attend live.
As featured in
Building & Funding Student Housing
Live on Tuesday, May 12, 12-2pm ET. $299.
Register for this workshopRecordings are sent to all registered attendees, whether or not you attend live.