Page Park Associates

Poughkeepsie,

Student Housing Market Analysis And Contracting Advisory Services

In 2014 Page Park Associates hired B&D to conduct a market study for student housing in Poughkeepsie, New York on a site adjacent to Marist College. We led an executive briefing for the proposed housing development, and then were engaged again to assess the demand for a 524-bed, three-building project called Fox Run at Fulton. Our analysis revealed demand for approximately 359 to 407 beds, primarily comprised of Marist students and supplemented with students from Dutchess Community College and Culinary Institute of America. Our demand recommendations were lower than the developer’s initial hypothesis due to the high capture rate of Marist’s off-campus renters and the price sensitivity of students from the surrounding colleges. However, we advised Page Park to develop an amenity-rich community to effectively compete with Marist’s comparable housing stock, since the market study had identified students’ most desired amenities, such as a 1:1 bathroom:bedroom ratio and in-unit washers / dryers. Finally, we helped Page Park review its property management agreements and negotiate contract terms with a third-party property management firm. Fox Run at Fulton opened in July 2016.