Yesterday we hostedourfirst-ever student housing conference ("BASH"the A stands for Annual): a two-day crash course on this hot sector, featuring tons of schmoozing in close proximity to the Liberty Bell, so people could ring it every time they made a deal.400 attendees packed the Rittenhouse Hotel in Philadelphia. Some of the conference's big takeaways: Strong Internet and cell phone coverage is more important than hot water(most people with a fast Internet connection need a cold shower anyway); new developers must partner with experienced players to get financing; and don't make building decisions based on enrollment (that stat fluctuates).

Thinking of expanding from traditional multifamily into student housing? Preiss Co chief development office Susan Folckemer (above with GMH Capital Partners prez Gary Holloway Jr, Innovative Student Housing CEO Doug Sherman, and Marsh global real estate practice leader Jeffrey Alpaugh) shared some newbie mistakes, including significantly underestimating operating expenses--student housing opex can be 25% higher than multifamily projects. Poor timing's another, as being just a week or two late on delivery is a major problem. Even when the project is up and running, 70% of residents leave in June, and those units must be fixed up and ready for occupancy mere weeks later. (And invariably the 30% who remain want to switch units because their roommates are peanut butter thieves.)