Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1027244

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Page 66 of 82

64 • September 2018 • Western Real Estate Business www.REBusinessOnline.com ple with more favorable feelings — the more residents you can engage with the program, the better the results. Rewards can capture the attention of our busy residents, create an oppor- tunity to connect and ultimately con- vert them to advocate the community. When residents are engaged with the community, it's just another chance land a renewal, increased referrals, feedback and valuable resident con- tent. Increasing engagement through reward and referral campaigns can improve community satisfaction and produce excellent return on invest- ment. Ultimately, harnessing the advan- tages of an engaged resident base can be highly cost effective. And in the current environment, annual turnover is a financially straining challenge for student housing. Connecting with your residents is imperative so you can maximize value from them while you have them. You can't just "make residents" engage with you. You have to strategically capture the attention of residents and draw them at the per- fect time. Then residents will give you phenomenal content, feedback and hopefully become your advocates. It all changes with a systematic ap- proach to engagement. PREFABRICATION FOR HIGH-QUALITY STUDENT HOUSING DELIVERED ON TIME, WITHIN BUDGET By Roy Griffith, Director of Corporate Development, Clark Pacific in Sacramento, Calif. As universities expand to ac- commodate growing student pop- ulations, traditional design and construction processes make it chal- lenging to complete projects on time, safely and within budget. Industry benchmarks show that 61 percent of typical projects are behind schedule and 49 percent are over budget, ac- cording to a report by the Lean Con- struction Institute. The pain of labor shortages, cost and budget overruns, and construction waste has driven many colleges and universities to look for alternative ways to more ef- ficiently renovate or expand. Universities are looking at prefabri- cation as a strategic approach to proj- ects across their portfolios. Prefabri- cated building systems provide early cost certainty and often, the initial cost is the final cost for the prefabricated portion of a project. Prefabrication also increases safety, minimizes cam- pus disruption and delivers a project between 30-50 percent faster than tra- ditional methods because construc- tion of the building occurs simulta- neously with the site and foundation work. Forward-thinking institutions, like Stanford University in Stanford, California, have turned to prefabri- cation as an alternative to traditional construction. Rather than looking at prefabrication on a project-by-project basis, Stanford is leveraging prefabri- cation strategically over multiple proj- ects. In 2014, the university explored pre- fabrication with Kennedy Hall, a four- building, 400-bed graduate residence. Under pressure to meet the growing demand for graduate housing, Stan- ford selected an initial prefabricated housing system that integrated the entire building structure and façade system. This panelized prefabricated building system was factory-fabricat- ed and delivered to the active campus for assembly. As a result, the project was completed in one school year, shaving two academic quarters off the schedule and removing an estimated 6,500 man days from the site. Strategi- cally, the university and entire project team came to understand the value of panelized prefabricated systems and the potential for using them in future projects. "We had four buildings up in three months," says John Wong, project manager. "With traditional construc- tion, that would have taken the better part of six to nine months." Having previously experienced the advantages of prefabrication with Kennedy Hall, Stanford University once again turned to prefabrication in 2017. With the high cost of rent in neighboring communities and de- sire to attract the best students from around the world, Stanford decid- ed to replace several of its low-rise wood frame apartments with high quality high-rise buildings. The proj- ect, the Escondido Village Graduate Residences, is a collection of four res- idence halls ranging from six to ten stories and providing a total of 2,400 beds. The project leverages even more prefabrication that its predeces- sor. Like many on-campus student housing projects, construction for the Escondido Village will take place on an active student campus. There is less parking, noise and traffic con- siderations, and fewer delivery lo- cations. From past experience, the university knew that prefabrication would reduce construction on-site and minimize negative impacts to campus life. Leveraging the success of Kennedy, the Escondido Village project utilized the panelized prefabrication system and took the offsite work a step fur- ther by factory-installing the windows and other exterior elements. The com- plete system is estimated to remove 65,000 man days from the Escondido Village job site. The internal structure, exterior cladding and windows for all four buildings will be installed in just 11 months, six months faster than with traditional construction. Slow Adoption It sounds too good to be true — high quality student housing delivered on budget and ahead of schedule, with less campus disruption. Yet, the real- ity is that prefabrication is delivering these benefits today. So why aren't more colleges and universities turning to prefabrication for student housing? According to a recent study, the biggest challenges in the adoption of prefabrication and off-site construc- tion are a lack of knowledge and ex- perience, fear of taking new risks and reluctance to change. Although un- derstandable, many of these mindsets are based on misconceptions about prefabrication. Let's explore a few: Misconception: Prefabricated sys- tems limit design and are one dimen- sional, plain or can't be aesthetically pleasing or customized. Reality: Prefabricated systems have come a long way and offer high-qual- ity finishes, aesthetic versatility and most importantly, design flexibility. By working with a prefabricator that has great deal of experience collabo- rating with design teams and mak- ing their visions a reality, you can get more aesthetics out of a prefabricated system. Misconception: Low quality puts projects at risk because buildings con- structed with prefabricated systems are not created with the same level of quality as traditional buildings. Reality: One of the main benefits of off-site construction is the ability to produce higher quality work under controlled conditions. Misconception: Because prefab- ricated systems require that compo- nents are transported to the job site, using them is more expensive. Reality: While there are transpor- tation costs, prefabrication results in shortened construction time, predict- able timelines, lower labor costs and more efficient jobsites — all of which offset the cost of transportation and can significantly reduce costs over tra- ditional construction methods. It's never too late to discover the benefits of prefabricated building sys- tems and, like Stanford University, escape the cost and schedule risks as- sociated with traditional construction methods by exploring a different way of bringing student housing projects to life. Rather than looking at prefab- rication project-by-project, the uni- versity's strategic and multi-project approach to prefabrication enabled Stanford to successfully explore and increase the advantages of prefabrica- tion. n Active 2018 cAliforniA Projects RIVERSIDE 24 Hour Fitness & Grocery Outlet MENIFEE Smart & Final Extra! LAKE ELSINORE Marshalls, ULTA, Skechers, Five Below, Panera Bread PALMDALE Hobby Lobby, Dollar Tree, and Planet Fitness Brett Del Valle (949) 723-9500 x 204 brett@prpdevelopment.com Alan Robertson (949) 723-9500 x 202 alan@prpdevelopment.com PLEASE CONTACT US FOR MORE INFORMATION:

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