Two student housing-focused property managers merge.
A pair of traditionally student housing-focused property management firms is now one. Blacksburg, Va.-based Pointe West Management has merged with Granite Management out of West Lafayette, Ind., to form Granite Student Living.
“We are really excited to apply the synergistic cultures of Pointe West and Granite, while capitalizing on efficient back-office support from West Lafayette, enabling the team in Blacksburg to really drive property owner value-add locally, while focusing on continual resident service improvement,” said Aaron Harris-Kirby, Owner of Pointe West, in a release.
Pointe West has grown to more than 2,500 beds serving students of Virginia Tech and other local professionals. Granite has expanded to more than 9,500 beds in states including Wisconsin, Missouri and Louisiana.
“Blacksburg is a growing market, with many of the large national developers swooping in over the past few years, which will change the dynamics of property management, therefore this is a great time for a merger to drive even better cutting-edge management practices,” said John Rabold, Chief Revenue Officer at Granite, in the release.
Granite, recently recognized as one of the Top 15 Third-Party Managers by Student Housing Business, said it is pursuing other mergers along with traditional property management agreements with an array of ownership levels, from mom-pop to institutional. Granite focuses largely on student-housing, although a sub-brand TRU living serves the grad student, young professional and market rate segments.