Earlier I posted about my rental market as justification for investing in real estate in my town because returns are high due to the percentage of university students in the area. Now, 2Million has found a wonderful article on Yahoo! that seems to support the theory.
The article interviews one Michael Zaransky who is co-CEO of a REI company in Northbrook, Ill. His company specializes in university dorm housing. The university leases them land on which to build. Zaransky then charges a fee to gather financing, oversee construction, and then manages the properties. The company is invested in 15 dormatories on 5 campuses, and one of his competitors in Texas “manages 53 on- and off-campus properties with 32,000 beds.” Yowza!
My favourite quote from the article:
“About 80 million echo boomers born between 1982 and 1995 will turn 18 over the next 10 years. These children of the best educated and most affluent generation in America’s history will be attending universities whose obsolete dormitories, on average, have beds for only 30% of today’s enrollment.”
This bodes well for my ideas, current ventures, and future plans! I think I might have to pick up Zaranski’s book.
PS: Sweet! Categories are fixed!