PEBB Capital, a multi-strategy, real estate and private equity investment firm, today announced that student housing real estate expert Todd Benson has joined as partner and managing director of development and asset management across its investment sectors, including the company’s new, in-house student housing division, PEBB Capital Student Living (PCSL). PCSL was recently formed through the integration of its former joint-venture partnership, Collegium Capital, which Benson oversaw.
The addition of Benson, who operated Collegium Capital since its 2014 inception, signifies PEBB Capital’s evolution into a more vertically-integrated real estate owner, operator and development company. With student housing now an internal business line via PCSL, the company is broadening its focus on value-add and ground-up student housing developments in major urban and select state school markets. PEBB Capital’s deep student housing experience includes the acquisition and development of nearly 6,000 beds across 10 assets nationwide, representing approximately $300 million of investment value.
“We are building our team and merging former external partnerships to leverage a vertical business structure across our entire portfolio,” said Todd Rosenberg, co-founder of PEBB Capital. “PEBB Capital Student Living is one of the first steps of this integrated strategy, with Todd as an obvious choice to helm the asset management and development functions across the organization and help optimize value-add deals for the company.”
Benson brings extensive experience in acquiring, financing, constructing, operating and leasing more than $1 billion worth of real estate transactions to date. He will apply this experience to all of PEBB Capital’s investment verticals. He received a master’s degree in finance and development from New York University and a bachelor’s degree in political science from the University of Michigan.
PEBB Capital’s activity in the student housing sector over the last five years targeted the acquisition of distressed student housing assets. The company rehabilitated and repositioned properties to add substantial value, building a portfolio of projects across New York, Florida, Georgia, Arkansas and Kansas. Assets include The Alabama in New York, which won Student Housing Business’ “Best Renovation of Existing Student Housing Project” in 2018. Most recently, PCSL expanded its platform into underserved core urban markets with its first ground-up development, 415W120 in New York City, breaking ground in November 2018 and scheduled for delivery in July 2020.
“As the student housing sector continues to evolve, we are delivering seamless, turnkey housing solutions to a large population of students and young professionals,” added Benson. “The marketplace’s response to PCSL’s strategy is extremely positive, demonstrated by our strong occupancy, pricing power and the strategic locations of our assets.”
About PEBB Capital
Founded in 2014, PEBB Capital is a diversified, multi-strategy real estate and private equity investment firm. The firm invests across the capital stack and focuses on value-oriented and cyclically-defensive investments that generate attractive risk-adjusted returns. Since its inception, the firm has amassed a portfolio exceeding $1 billion of investment value across multiple ventures, including in student housing, retail, lending, hospitality, and more.