Initial activities will focus on providing universities nationwide with Public Private Partnership solutions to modernize student housing infrastructure
AUSTIN, Texas, Feb. 26, 2025 /PRNewswire/ -- Maslow's Campus Communities, LLC (Maslow's), a real estate operating and development platform specializing in on- and off-campus student housing, and Pennybacker Capital Management, LLC (Pennybacker), a leading real assets investment manager, have formed a strategic partnership that will provide Maslow's with capital to pursue investment strategies focused on Public Private Partnerships (P3s) with universities nationwide seeking to modernize on-campus student housing infrastructure, as well as the selective acquisition and development of off-campus communities.
Founded by student housing industry pioneer Bill Bayless in 2024, and joined by partners Jennifer Beese, Chief Operating Officer, and William Talbot, Chief Investment Officer, Maslow's programs, designs, develops and manages communities to intentionally enhance affordability and foster students' personal growth and academic success. With a focus on customized solutions that meet the unique objectives of universities, student support, and exceptional customer service, the company aims to become the sole source housing provider for universities nationwide and the industry's best development and operating platform.
Bayless previously co-founded American Campus Communities (ACC) in 1993, taking the company public in 2004, and led the business as CEO until shortly after its sale to Blackstone for approximately ~$12.8 billion in 2022. Beese and Talbot were both long-time executives with Bayless at ACC. Throughout their careers, the Maslow's team has been involved in more than $30 billion in student housing transactions1 including more than 100 P3 developments with universities for on-campus housing.
"After a comprehensive process to find the optimal capital partner for Maslow's, it became clear to us that Pennybacker was the perfect fit," said Bill Bayless, Maslow's CEO. "Beyond their impressive track record, Tim Berry and his team share our vision and perspective on the importance of company culture, values, and creating win-win outcomes. This is a partnership that colleges and universities can look to with confidence."
"We couldn't be more excited to partner with and further assist advancing the legacy that Bill, Jennifer and William have built in the student housing industry," said Tim Berry, Pennybacker's Founder, CEO and Co-CIO. "We believe the power of our partnership and the strength of the Maslow's team will lead to positive outcomes for all stakeholders including students, parents and university systems."
The strategic partnership aims to differentiate Maslow's from its peers through its vertically integrated approach – investment management, development and operating expertise packaged as one solution. The partnership plans to raise dedicated investment vehicles for each of Maslow's business segments, with an initial focus on on-campus P3s from sources of capital that best align with the objectives of colleges and universities. Additionally, Maslow's will have access to capital via Pennybacker's existing suite of investment vehicles, as well as the ability to access third-party joint venture capital, as appropriate.
About Maslow's Campus Communities, LLC
Maslow's Campus Communities, LLC (Maslow's) is a real estate operating and development platform based in Austin, Texas. The firm specializes in the underwriting, financing, development, acquisition and operations of both on- and off-campus student housing assets across the United States. The company also specializes in the areas of workforce and attainable housing including faculty and staff housing for universities. For more information, visit https://www.maslowscommunities.com.
About Pennybacker Capital Management, LLC
Pennybacker Capital Management, LLC (Pennybacker) is a real assets investment manager based in Austin, Texas with offices in Denver, New York, Dallas and Charlotte with approximately $4 billion in assets under management. The firm pursues real estate and infrastructure strategies through closed-end and open-ended vehicles, investing across the capital structure. For more information, visit https://www.pennybackercap.com.
Contact for Maslow's
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Contact for Pennybacker
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Disclaimer
This press release is for informational purposes only and is not intended as a solicitation, offer, or recommendation to buy or sell any securities or investments. Any statements regarding future plans, projections, or outcomes are forward-looking and involve risks and uncertainties that could cause actual results to differ. Past performance is not indicative of future results. The content provided here is not investment advice and should not be relied upon as such. Certain information has been obtained from published sources and/or prepared by other parties, which in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither Pennybacker Capital Management, LLC ("Pennybacker") and any general partner affiliated with Pennybacker or any of its respective directors, officers, employees, partners, members, shareholders, or their affiliates, or any other person, assumes any responsibility for the accuracy or completeness of such information. A complete listing of Pennybacker investments is available upon request. For more details, please visit the official websites of Maslow's and Pennybacker. The information in this document is intended to be current only as of the date of this document.
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1Includes career transactional volume for Maslow's executive team members across development, acquisitions, dispositions, joint ventures and the ACC/Blackstone take private transaction of approximately ~$12.8 billion.
SOURCE Pennybacker Capital Management, LLC
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