Development
At Emerge, we understand that a successful student housing development project begins long before the ground is broken. Our comprehensive market analysis is designed to identify universities that are on the cusp of growth in fields critical for future job creation. By focusing on institutions with solid endowments and funding capabilities, we ensure that our projects are not only sustainable but also positioned to attract high-caliber students. This strategic approach allows us to pinpoint opportunities in burgeoning markets, setting the stage for impactful student housing developments that meet the evolving needs of students and the communities they inhabit. Through diligent research and collaboration, we lay the foundation for successful site selection and execution, ultimately driving enrollment and enhancing campus life.
Market Analysis
Emerge takes a comprehensive approach, beginning with thorough market analysis to identify universities poised for growth in fields that will drive future job creation. We focus on institutions with robust endowments and funding capabilities, ensuring they can sustain capital expenditures in these critical areas, thereby increasing enrollments by attracting high-caliber students.
Site Selection
Emerge focuses on site selection, targeting locations with high barriers to entry that are unmatched in their potential. We believe that “the easy ones have all been done.” Our approach often involves years of assembling land to create the best possible sites or cultivating relationships with landowners in growth-oriented university areas, ensuring we are poised to purchase when they are ready to sell. Additionally, we invest time in collaborating with cities to navigate the rezoning of strategically located parcels, transforming them into viable options for student housing. This patience in development allows us to find sites that are truly walkable to all destinations in a typical student’s daily and evening routine: school, food and social. As a result, these developments lease effortlessly, embodying the essence of “location, location, location.”
Development Process
Since 2013, we have partnered with the same general contractor and architect. Throughout and after each development, we prioritize continuous improvement by asking ourselves what we can do better for the next project. This commitment drives us to refine our designs and explore value engineering strategies to reduce costs. We focus on enhancing the efficiency of our developments, ensuring our buildings and units are optimized to meet the needs of our residents. Each new development with this dedicated team serves as a valuable learning experience, paving the way for future successes.
Project Development
Emerge dedicates considerable time in the market prior to the development and programming of each building to ensure meticulous plan the building, units and amenities.. We understand that every market is unique, and the attributes that lead to success in one location may differ in another.
Emerge establishes numerous relationships with regional, general managers and leasing agents at multiple competing properties during site selection. Contrary to what one might expect, most of these meeting requests are positively received, even though these individuals will be future competitors. This collaborative spirit likely stems from employees at competing firms viewing these interactions as opportunities to strengthen industry connections and possibly become involved in future developments.
Regardless of the motivations, these relationships are invaluable in shaping the development and guiding key decisions, such as unit mix, size, finishes, amenities, and addressing common resident concerns. They also help us identify upgrades that add real value. Through site visits and the relationships cultivated along the way, we can fine-tune essential elements of the project, including clubhouse design, parking configurations, and subtle but impactful details like pool layout and location.
When it’s time to begin leasing, these relationships offer critical insights into the most effective marketing strategies for that specific market—whether through on-campus housing fairs, university events, student-led organizations, athletic sponsorships, digital campaigns, etc. This market knowledge ensures that lease-up marketing dollars are used efficiently, allowing us to allocate resources toward the strategies that have proven successful in that region. Finally, these relationships provide a deeper understanding of the local labor market, which becomes invaluable when recruiting staff for the development.
Project Leasing
Much like project development, the lease-up process varies significantly based on location, project size, nearby competition, rent sensitivity in the market, and the university that anchors the project. Thanks to Emerge’s thorough front-end planning and unmatched site selection, our developments often have a natural appeal that drives leasing success. However, we recognize that no lease-up is ever truly “easy.” We develop a comprehensive marketing plan for each project, optimizing strategies based on insights gained from previous developments. This plan includes targeted digital marketing, incentives, tailored staffing structures, and partnerships with local universities to ensure broad visibility and engagement within the student community. We owe much of our success to the trusted vendors who help make it all look effortless.
Valued Partners
Below are some of these valued partners in the industry, though this is by no means an exhaustive list.
Local Connections
Emerge is committed to building strong connections within local communities. These relationships provide us with trusted resources, ensure regulatory compliance, and enable efficient project execution. We recognize that local markets hold valuable insights into what works best, including trends and materials ideally suited to each area.
Whenever possible, we source our materials locally, appreciating the importance of supporting small businesses like our own. From signage companies and professional photographers to local cabinetry, countertops, and outdoor hardscaping suppliers, these partnerships help streamline our processes. Together, we deliver exceptional results efficiently, enhancing both the success and visual appeal of our projects.
Emerge engages with the municipality at the earliest stages of the project to present the concept and incorporate their feedback. These initial discussions with key stakeholders involved in the design and development process benefit both the developer and the community. Collaborating with decision-makers early on, streamlines the process, reducing the need for time-consuming redesigns while aligning the project with the community’s goals and objectives. This collaborative approach provides clear direction, guiding how we move forward shaping many of our major development decisions.
University Connections
The anchor of every project we develop is the university. Therefore, it is imperative that Emerge establishes a relationship with the university early in the process. This relationship serves multiple purposes. It allows us to present the project and gather critical insights from the university about the current and future needs of the student base. This feedback helps Emerge focus on the needs and preferences of the student base.
These meetings offer an opportunity to confirm that the university’s plans align with publicly available strategic goals. While much of this information is accessible online or through presidential reports, face-to-face discussions often reveal additional insights that aren’t readily available to the public but are valuable for the project.
Finally, these early interactions help Emerge and the university establish and maintain a positive relationship. This connection can prove mutually beneficial, particularly as the university’s housing needs evolve or expand in the future.
Resources
Emerge is committed to providing a professional and seamless experience. Emerge uses Entrata, a widely used student housing property management software, to streamline leasing operations. Emerge partners with Grace Hill to deliver comprehensive training for our onsite team, ensuring they are well-equipped to deliver exceptional service to our current and future residents. ADP TotalSource serves as our human resource, payroll and benefits partner, managing compliance, ensuring a robust benefits package and facilitating the recruitment of top talent. These strategic implementations highlight our commitment to excellence and efficiency in managing our student assets.