HOUSTON, Texas – Asset Campus Housing’s extensive experience – both domestically and internationally – has helped it take its first steps into the Canadian student housing market as Kayne Anderson Real Estate Advisors and Campus Suites tap the student housing company to manage Montreal’s Parc Cité.
Asset Campus manages 10 other Kayne Anderson properties as part of a five-year relationship between the two companies and their leadership teams. Asset Campus has been operating internationally for three years. After several successful lease-ups abroad, the company has continued to expand its expertise in several other parts of the world. Canada is the seventh international market Asset Campus has entered into.
“We are always looking for opportunities to expand our international presence,” said Ryan McGrath, President of Asset Campus Housing. “Parc Cité gives us a chance to build on our partnership with Kayne Anderson and Campus Suites. We are extremely excited to expand our relationship with Kayne Anderson in Canada and for the chance to bring our expertise to that market while working alongside some of the industry’s best operators and developers.”
Vice President Patrick Flaherty of Kayne Anderson Real Estate Advisors said Canada features its own set of challenges for student housing companies doing business there. That is especially true of the French-speaking Quebec province, which includes Montreal. Asset Campus has bridged those gaps before, he said, so the company’s team knew exactly what to do in terms of understanding local housing laws, communicating with the Parc Cité staff properly and using an onsite coordinator to handle the transition.
“We have a strong relationship with Asset Campus Housing,” Flaherty said. “We wanted to expand their presence from the stateside of our portfolio to include the Canadian side as well.”
Business operates differently in Canada, he said. Institutional property management can present some unique challenges in Canada, particularly Parc Cité, which is a converted hotel. When the decision was made to start consolidating some of Kayne Anderson’s properties with a trusted partner, he said, Asset Campus Housing was the first company that came to mind.
“Bringing Asset Campus Housing onboard with Parc Cité was an easy discussion to have with the team,” said Henry Morton, president of Campus Suites. “We knew what Asset Campus brought to the table and about its depth of experience and success in the States and abroad.”
The 280-bed Parc Cité serves students attending McGill University, as well as other nearby schools such as Concordia University. The property opened in 2014 and features fully furnished units, a fitness center and study rooms. A Tim Hortons coffee shop is located onsite. The property also includes it own Chefs on Call location that provides students and young professionals with a wide range of competitively priced, quality foods.