What this episode teaches an operator: how student housing really works as an asset class, what equal bed-bath parity means for rents, and how a 20-year builder turned his company exit into a portfolio of institutional-quality assets.
Alix Kogan, founder and president of Ashland Capital, spent two decades running one of southwest Colorado's largest design-build firms before selling the company and pouring the capital into purpose-built student housing and conventional multifamily, 2,500+ doors and roughly 1,500 student beds today. Born in Kyiv, he landed in Chicago at six years old with a family that started over from nothing, and that story runs through everything he builds. He and Abel Pacheco dig into what most multifamily operators get wrong when they try to cross into student housing.
In this episode: How does renting by the bed change underwriting? What is equal bed-bath parity and why does it drive rents? Why do sports programs and university master plans move enrollment, and your equity? How does the lease-up window work? What should a newer investor do in a tough market?
Three takeaways: student housing punishes tourists, partner with operators who know the niche. Evaluate the school, not just the market: enrollment growth, master plan, even the football program. In a downturn, good operators thrive and mediocre ones get hurt, so pick your partners like it matters.
"Partner with the right folks that have experience and do your due diligence as much as possible before you jump in." - Alix Kogan
Connect with Alix: ashlandcapitalfund.com, or alix@ashlandcapitalfund.com.
Abel Pacheco helps operators get the ideas out of their head and into an AI operating system that runs the business, so one operator can run like a team of five. If you're ready to install it, not just learn it: www.5talents.ai. Multifamily investors: www.5talents.ai/multifamily. Host of the 5 Talents Podcast.