Capstone Management Partners (CMP) enjoyed a challenging and successful year in 2021. The COVID-19 Pandemic created tremendous uncertainty for the fall. Year over year leasing trends were disrupted as students and parents waited longer to make housing decisions. This was driven by the uncertainty our university partners faced in making decisions about in-person versus remote instruction. We worked closely with all of our partners to support them during this difficult time, and ultimately leased all of our communities to 100% – an outcome no one could have predicted at the beginning of the year.
Looking back, we are excited to expand into multiple new markets. We added communities and partnerships at the University of Oregon, University of Florida, University of Denver, San Diego State University, and the University of Washington Bothell. This continued growth, along with ongoing operations with the existing portfolio, required the addition of numerous new staff members. We welcomed two new Portfolio Managers, an Assistant Portfolio Manager and Portfolio Sales and Marketing Manager to our team as well as dozens of new on-site team members.
CMP was also excited to support Capstone in the successful financial closing for the UW Bothell Project and the pursuit and win of a new project at the Colorado School of Mines. Both of these, 1,000+ bed multi-phase projects involve the management of existing housing and planning for new beds. CMP has provided outstanding service to our partners in 2021, and we are poised for another year of exciting growth in 2022.