Bill Bayless, Pennybacker Partner on Student-Housing Venture

Veteran developer Bill Bayless is joining forces with Pennybacker Capital Management on a national student housing venture.

Maslow’s Campus Communities will develop and acquire outdated student housing near major universities around the country, the Austin Business Journal reported. The company was established last year following Bayless’ departure from American Campus Communities, which he co-founded and later sold to Blackstone for $12.8 billion.

Maslow’s CEO is Jennifer Beese, and its Chief Investment Officer is William Talbot. They and Bayless bring extensive experience in student housing, having overseen over $30 billion in transactions and more than 100 public-private partnerships in the sector.

The company’s strategy includes forming public-private partnerships with universities seeking to modernize their on-campus housing infrastructure. Maslow also plans to acquire and develop off-campus student housing.

Bayless did not disclose a specific fundraising target but indicated that Maslow’s would focus on Power Four conference schools and Carnegie Research One universities, including the University of Texas.

In particular, Maslow’s is eyeing opportunities in the West Campus neighborhood near UT, where there has been a surge in student housing development in recent years.

Bayless mentioned that

The neighborhood’s 12 to 15-year-old properties could present significant opportunities for renovation and repositioning, Bayless said. West Campus is the most mature student housing market in the nation and may offer more value through acquisitions than developments, he said.

For the public-private partnerships, the company plans to modernize or replace outdated campus residence halls built in the 1930s and ’40s.

Maslow’s student housing projects will prioritize creating environments conducive to learning, incorporating elements like classrooms and innovator labs. Student-housing design is shifting away from resort-style multifamily, with focus on the academic experience, he said.

— Andrew Terrell