Student Quarters

Investing in a Leading US-Based Specialist Living Sector Asset Manager

In May 2022, we acquired a majority stake in Student Quarters, a US-based specialist living sector asset manager and property manager focused on student housing, with a demonstrated track record of value generation and execution.

Since its founding in 2013, Student Quarters has built a meaningful portfolio in its target markets. Student Quarters currently has US$1.2billion in AUM, comprised of 34 student housing properties with more than 11,000 beds under management.

The team members are highly experienced student housing specialists with decades of combined experience in underwriting, repositioning, managing and exiting quality student housing properties. During their careers, the team has completed in excess of 60 student housing deals, totaling more than 30,000 beds with a total transaction value in excess of US$ 1.6 billion. Student Quarters has built a strong track record realizing an average gross IRR of approximately 25%. Student Quarters’s in-depth knowledge of the student housing market, end to end platform, relationships across the sector and strong access to deal flow provide them with a unique competitive advantage.

Student Quarters has been ranked as one of the top 25 owners of student housing in the United States and continues to be one of the most active and vertically-integrated operators in the industry. As of Q1 2021, Student Quarters is ranked as the 6th largest buyer in the student housing market.

Learn more about Student Quarters:

US$1.2bn

Assets Under
Management

US$ +1.6bn

Total Transaction
Value

25%

Average
Gross IRR

11,000

Number
of Beds


Meet the Student Quarters Team

Andy Feinour, President & CEO

Andy founded Student Quarters in 2013 and has led the firm as President & CEO since its inception.

Under Andy’s leadership, the company has assembled a portfolio of over 9,000 beds and is now recognized as one of the leaders in the student housing sector. Andy’s primary responsibilities include building the Student Quarters’ team and raising capital. In addition, Andy serves on both the Investment Committee and Board of Directors.

Prior to starting Student Quarters, Andy was a Senior Vice President at Carter (2009–2012), and a Vice President at Holder Properties (2001–2008). Andy also spent four years as a Project Leader at The Boston Consulting Group, before getting into real estate.

Andy earned a Bachelor of Science in Commerce from the University of Virginia in 1992, and a Master of Business Administration (MBA) from the Darden School of Business at the University of Virginia in 1997.

Keith Jernigan, Chief Operating Officer & General Counsel

As Chief Operating Officer & General Counsel, Keith is responsible for all legal matters and general operations of the company.

Prior to joining Student Quarters, Keith spent over 18 years in private practice as a commercial real estate lawyer. He represented owners, investors, developers, and lending institutions in the acquisition, development, finance, operation, and disposition of commercial real estate properties with the law firms of Smith, Gambrell and Russell LLP (1999–2004), Epstein Becker and Green, P.C. (2004–2008), and Coleman Talley LLP (2008–2018).

Keith received a Bachelor of Arts, cum laude, from Vanderbilt University in 1994, and a Juris Doctor, cum laude, from the University of Georgia School of Law in 1999. Keith has an AV Preeminent rating from Martindale-Hubbell, the highest rating a lawyer can receive.

Stephanie Lynch, Chief Investment & Financial Officer

As Chief Investment and Financial Officer, Stephanie is responsible for the firm’s investments and capital raising strategies and activities.

Stephanie is a member of the executive team and serves on the Investment Committee.

Stephanie began her real estate career raising capital for office, multifamily, and hospitality sectors, and has executed over $4.5 billion of debt and equity capitalizations from domestic and offshore sources. Prior to Student Quarters, Stephanie held positions as co-head of the Structured Finance practice at Savills in Washington, DC, and as Senior Vice President in the Real Estate Investment Banking Group at JLL.

Stephanie earned a Bachelor of Arts from Colby College, and Master of Business Administration from Georgetown University McDonough School of Business.

Andrew Layton, Chief Acquisition Officer

Andrew joined Student Quarters in December 2013 and has served as the company’s Chief Acquisition Officer during his tenure.

Recognized as a leader in the industry for over a decade, Andrew is a frequent speaker at industry conferences and roundtables and is a sought-after media contributor for his strategic insights. He leads Student Quarters’ origination and underwriting efforts involving the acquisition of student housing assets for Student Quarters’ investors. Andrew leverages industry relationships with sellers, developers, brokers, and lenders which he established over the past decade, and utilizes his vast industry market experience to originate transactions for Student Quarters. During his career in student housing, Andrew originated transactions valued at more than $2 billion. In addition, Andrew spearheaded strategic initiatives for the organization, including oversight of the hiring of all on-site property managers and regional managers.

Prior to Student Quarters, Andrew was Managing Director of Phoenix Housing Partners (2013), Partner and Director of Acquisitions at Kayne Anderson Real Estate Advisors (2008–2012), and Vice President of the Acquisition Finance Group for ING Capital LLC (1999–2008).

Andrew earned a Bachelor of Arts from Duke University in 1990, a Juris Doctor from Georgetown University Law Center in 1993, and Master of Business Administration (MBA) from the University of Maryland in 1996.


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