XFD Real Estate Partners Awarded Third-Party Management Services for Two Student Housing Properties in Kentucky & Nebraska
November 12, 2020
National Student Housing Firm Expands Third-Party Management Services to Two New Markets.
XFD Real Estate Partners, a student housing private owner-operator and property management firm, was recently awarded management of two student housing properties by The Vecino Group. The properties are called Muse – Bowling Green in Kentucky and Muse – Omaha in Nebraska.
XFD Real Estate Partners launched its third-party management services in July 2019 when it was awarded management of a 592-bed community in Buffalo, New York by Acres Capital, called Monarch 716. Then, in the Fall of 2019, XFD was awarded management of a 380-bed, four-property portfolio in Springfield, Missouri by The Vecino Group. In both cases, XFD was brought in to address severe performance issues and tasked with stabilizing the assets and reestablishing lost value.
“We are excited to continue our relationship with The Vecino Group and expand our third-party management services to these two new markets,” said Samuel Mtunga, co-founder and chief operating officer at XFD Real Estate Partners. “We have a deep understanding of the team’s mission and overall goals as a company. I believe that our high-touch approach and attitude as Asset Managers is just what our clients and partners need in order to operate their way out of challenging circumstances.”
XFD focuses on unlocking value for its investors and clients via a focus on operational turnarounds and enhancing the resident experience. The company is known for taking a long-term approach to decision making centered around building on the fundamentals in order to drive real value for future liquidity events.
“We chose XFD to manage our Muse properties at Creighton University and Western Kentucky University because they are a boutique company with a lot of horsepower,“ said Tim Roth, partner and President of student housing at The Vecino Group. ”Our assets are unique to each market with a mission to inspire our residents to seek the greater good in all things of life. XFD takes that uniqueness and promotes it. When we hired XFD to take over our portfolio at Missouri State University, the asset was six percent pre-leased in January where the rest of the market was 60 percent. We finished at 90 percent occupancy and increased rents, despite COVID-19. The rest of the market finished at 88 percent. Results like that deserve the next assignment and we look forward to working with XFD on these other properties.”
