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Nick Falker of Cambridge Realty Partners | The Elm in New Haven | Living in a College Town
Manage episode 364849530 series 2874474
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With Zoom school largely a thing of the past, college students are back to living on or near campus again. Between dormitories, apartments, and multifamily homes, there are an estimated 8.5 million student housing beds across the US with an projected increase to 9.2 million this decade.
In this episode, I’m unpacking the factors contributing to the boom in student housing and the pros and cons this housing type poses to the surrounding communities. I’m also revisiting a conversation with Nick Falker of Cambridge Realty Partners to discuss The Elm, the firm’s multifamily build in New Haven, Connecticut.
Designed for Yale students and young professionals, The Elm is a six-story building with studios to four-bedroom options. It features bright, modern colors, a robust fitness center, conference rooms equipped with TVs and projectors, and a roof deck overlooking downtown and the Yale campus.
New Haven appeals to many people for its walkability, foodie scene, and relief from overpopulation. Nick dives into who he thought would be the ideal renter for his build versus who currently occupies it, as well as the decisions he made that allow his build to compete with others in the city.
Nick and I also discuss how to raise capital when just starting out, estimating renovation costs, and the effect the pandemic had on major US cities.
About the Guest:
Nick is the managing partner at Cambridge Realty Partners based in New Haven, Connecticut. The firm has been investing and developing in real estate opportunistically since 1978. Over that time, they have focused on office assets in the Northeast US, Texas, Mexico, and most recently, in multifamily in Connecticut. Nick previously worked at Cigna Realty Investors and Bristol Group.
Topics Covered:
- The current state of student housing
- How student housing differs from traditional multifamily housing
- The economic and social impacts student housing can have on surrounding areas
- The specs and amenities of The Elm
- How the renter profile of The Elm has changed since the inception of the project
- The appeal of New Haven, Connecticut
Resources Mentioned:
- The National Multifamily Housing Council: The Future of U.S. Student Housing Demand
About Your Host:
Atif Qadir is the Founder of Commonplace, a company dedicated to tackling one of the biggest barriers to more inclusive, affordable, and sustainable development: improving access to capital. Commonplace helps impact-driven developers and capital providers with shared values discover and connect with each other.
Connect with Nick Falker:
- Connect with Nick on LinkedIn
- Follow Cambridge Realty Partners on LinkedIn
- Learn more about Cambridge Realty Partners
Follow Us:
- Grab our exclusive guide: How Eight Developers & Designers Are Responding to the Housing Crisis
- Learn more on the American Building website
- Follow us on Instagram
- Connect with Atif Qadir on LinkedIn
- Learn more about Michael Graves
- Learn more about Commonplace
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