Aliso Viejo, Calif. and Provo, Utah — Nelson Brother Professional Real Estate (NBPRE) has selected the Utah-based property management firm HVM Smith Management, Inc. to manage Winter Haven – University Towers, a student housing project located at the University of Utah. According to Brian Nelson, NBPRE Principal and Co-Founder of the Southern-California based real estate firm, HVM Smith was brought on as the new property manager to take over their recent acquisition which they felt had a great location and an impressive track record but lacked experienced management.
“We hired HVM Smith because of their knowledge of the local housing market and their innovative metrics to drive an increase in NOI,” said Nelson. “In particular, our goal is on preserving the high occupancy of the property and optimizing income by reducing costs, adding value for the residents, enhancing the aesthetics of the property and including an overall ‘rebranding’ of the property. It also doesn’t hurt that they manage the property right next door which is our only real competition in terms of location. Hopefully we’ll create a monopoly”
Established in 1991 by Gaylun and Karen Smith, along with partners David Bailey and Grant Collard who came onboard in 2009, HVM Smith is the largest third-party provider of student housing management in Utah County – home to more than 60,000 university students.
Collard, one of the firm’s directors added that location of student housing relative to the University will always be the number one indicator of future success. “The Nelson Brothers’ acquisition of Winter Haven is ready to capitalize on an irreplaceable location in a supply-constrained market,” said Collard. “That, along with the impressive demographic growth at UVU, is the perfect complement for success.”
Patrick Nelson, Principal and Co-Founder of NPBRE, added that HVM’s knowledge of the Provo/Orem market and experienced track record of leasing, marketing and branding will help in the firm’s strategy as to what amenities and improvement provide the most bang for your buck from the students. Every college location and culture is different. That’s why you need local expertise
Nelson Bros. launched their real estate company in 2007 concentrating on the acquisition, financing and ownership of office, retail and multi-family properties for TIC investments throughout the West and Southwestern United States. The firm, owned by brothers Patrick and Brian Nelson is currently focused on the acquisition of real estate investments in the niche areas of student housing and assisted living investments.