Built on Experience. Defined by Results. XFD has developed, acquired, and managed ~$500M in student housing assets since inception.

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We specialize in the strategic revitalization of underperforming assets. By pairing aggressive operational turnarounds with targeted capital improvements, we drive value and maximize risk-adjusted returns for our partners.

Bed count by year

A Track Record of Superior NOI Growth

Including third-party assignments during the same period, XFD-managed assets have realized a 399% average NOI growth, driven by the strategic repositioning of distressed third-party assets.

44%

Weighted average NOI growth across the owned portfolio since 2021

19%

Average effective rent growth over the hold period

8%

Operating margin growth over the hold period

96.7%

Average occupancy across the stabilized portfolio

Our size is our competitive advantage because… Our edge lies in being vertically integrated but purposefully nimble – offering a specialized operational focus that larger, volume-driven firms (+20,000 beds) simply cannot replicate.

Agility vs. Automation: Why XFD Outperforms

The multi-family industry is bifurcated. XFD occupies the most defensible position in between.

Small local operators

Lacking institutional infrastructure

XFD

Institutional sophistication. Boutique execution.

  • Direct Executive Involvement
    Senior leadership is actively engaged in the daily operations of every asset, not delegated to automated workflows
  • Nimble Decision-Making
    XFD can pivot leasing strategies or implement targeted CapEx interventions in days/weeks, not quarters.

Institutional platforms

Managing 15,000+ beds through automated systems and multi-tiered management

Case Studies

Case Studies

Case study 01: Operational rescue

Monarch 716: Turning -$118K into +$1.1M in 21 Months

Asset Profile: Distressed Student Housing | Third-Party Management Engagement

Monarch 716

Buffalo, NY
1,030% NOI growth
NOI before
NOI after
1,030% NOI growth in 21 months
The Challenge
Monarch 716 represented a high-stakes “rescue” scenario. XFD was engaged by the lender, post-foreclosure. The asset was deeply distressed with a negative Net Operating Income (NOI), a fractured reputation in the submarket, and systemic operational leaks across leasing, maintenance, and vendor management. The property was 46% leased for Fall 2019 at the time of engagement.
The Value Created
  • NOI Growth: 1,030% increase in 21 months (from -$118K to +$1.1M).
  • Execution: Proven proof-of-concept for XFD’s turnaround capabilities.
  • Exit: Successfully stabilized and positioned for disposition.
The XFD Intervention
Our team executed an immediate, comprehensive operational audit and built out a strategy to reposition the asset over three years. Within 1.5 months, by Fall move-in, the property was 95% leased.
  • Operational Overhaul: Established new team to carry out repositioning of the asset, and deployed the corporate team onsite to handle leasing, training, Turn, and move-in.
  • Brand Repositioning: Re-established the asset’s identity within the university submarket to restore student and parent confidence.
  • Disciplined CapEx: Deployed strategic capital and addressed deferred maintenance with direct principal oversight to ensure every dollar contributed to immediate brand recovery.
Case study 02: Scaling excellence

Cottage Row Statesboro: 90% NOI Growth on 1,087 Beds

Asset Profile: Flagship Large-Scale Community | Active Platform Stability

Cottage Row Student Living

Statesboro, GA
90% NOI growth
NOI before
NOI after
91% NOI growth on 1,087 beds
The Challenge
At acquisition, Cottage Row was in receivership and priced at the bottom of the Statesboro market despite its unique cottage-style offering, and having the largest units in the market. There was only one other cottage property in the market, which was commanding a $200/bed rent premium to Cottage Row. XFD acquired the property in June, 2020 in the heart of the covid pandemic and nationwide University shutdown.
The Value Created
  • Market Leadership: Established the asset as the dominant performer in the submarket, leading in leasing velocity and annual rent growth.
  • Scalability: Demonstrated that XFD’s systems translate effectively to large, complex institutional assets.
The XFD Intervention
XFD employed a mark-to-market strategy with the other cottage product supported by a $2 million rehab which focused on a clubhouse redevelopment, amenity upgrades, and in-unit flooring upgrades.
  • Strategic Capex Deployment: Addressed all deferred maintenance and executed strategic capital improvements to signal a new standard of quality. This included a comprehensive gut renovation of the clubhouse to modernize the resident experience.
  • Mark-to-Market: Immediately repriced units to close 50% of the market-to-target deficit. This strategy secured a significant lift in effective rents while maintaining a strategic $100/bed discount against the direct competitor to drive continued velocity. Today, our rents outpace that competitor.
  • Leasing Velocity: Integrated XFD’s proprietary marketing systems and centralized outbound leasing center to drive urgency and conversions. This high-touch approach ensured market-leading lead generation and best-in-class lead management, accelerating velocity across the portfolio.
Case study 03: Institutional exit

Park East: 100% Stabilization in a Competitive Big 12 Market

Asset Profile: Texas Tech University (Lubbock, TX)

Park East

Lubbock, TX
100% Full occupancy within two leasing cycles
NOI before
NOI after
Full occupancy within two leasing cycles
The Challenge
Acquired in 2017, Park East (formerly 18 Nineteen) suffered from severe mismanagement, declining rents, and heavy concessions, sitting at just 83% occupancy. The developer faced mounting pressure to transition from construction financing to a permanent loan amidst a massive market “supply dump” of 2,000+ new beds.
The Value Created
  • 100% Stabilization: Achieved full occupancy within two leasing cycles.
  • NOI Growth: Driven by stabilized occupancy and consistent 2–3% annual rent growth, outperforming a concession-heavy market despite continued supply headwinds.
  • De-Risked Asset Profile: Successfully transitioned the asset from a distressed “work-out” status to a stabilized, institutional-grade performer, significantly expanding the exit cap rate potential and future liquidity.
The XFD Intervention
  • Strategic Rebrand: Renamed the asset and pivoted the brand identity from “amenity-heavy” to “service-driven” to differentiate in a saturated Class-A market.
  • Operational Excellence: Institutionalized “the basics”—restoring curb appeal, streamlining maintenance responsiveness, and implementing rigorous landscape upkeep.
  • In-House Marketing: Eliminated third-party outreach in favor of an active, on-site team that spoke directly to prospects. XFD hosted town halls to address resident concerns, regain community trust, and control the property narrative.
Case study 04: Lease-Up & Stabilization

212 East: 92.8% Lease-Up, 99% Move-In & 9% Rent Growth

Asset Profile: Ground-Up Development | Lease-Up & Stabilization | Owner-Operator

212 East

Champaign, IL
9% NOI growth
NOI before
NOI after
9% NOI growth at stabilization
The Challenge
212 East was delivered into a highly competitive UIUC market at a time when roughly 2,000 Class-A beds were delivered in the same fall. Market-wide occupancy finished at 86.8%, with the direct peer set averaging 81.9%. The project required a disciplined launch, clear market positioning and leasing execution capable of outperforming new supply.
The Value Created
  • Lease-Up: 92.8% initial lease-up with market-leading rates.
  • Stabilization: 108% preleased the following fall and 99% move-in occupancy.
  • Rent Growth: 9% year-over-year rent growth after stabilization.
The XFD Intervention
Our team executed a full lease-up strategy built around positioning, delivery certainty and rate discipline. 212 East delivered two months ahead of classes resuming in Fall 2017 and used lifestyle-focused marketing to attract a resident base that supported market-leading rates.
  • Lease-Up Strategy: Positioned the asset around lifestyle, location and Class-A living in a crowded new-supply market.
  • Marketing Execution: Introduced influencer marketing to drive awareness and reach a lifestyle-centric customer base.
  • Delivery Discipline: Opened two months ahead of classes, avoiding the missed-delivery risk common in the market.
  • Rate Strategy: Achieved the highest four-bedroom rates in the market despite a lack of bed-bath parity.

Flexible support. Clear accountability.

Owners can engage XFD for full-service management or a focused assignment that complements their existing team.

A fully integrated property management platform

XFD can manage the full property business plan or provide targeted support around a specific operational need.

Property operations

  • On-site team leadership
  • Recruiting, training and performance management
  • Maintenance and facilities oversight
  • Vendor and policy management
  • Resident experience and retention

Leasing and marketing

  • Annual leasing strategy
  • Pricing and revenue management
  • Lead generation and digital campaigns
  • Centralized outreach and follow-up
  • Renewals and reputation management

Capital and repositioning

  • Capital-needs planning
  • Value-add scoping and implementation
  • Bidding, contracting and contractor oversight
  • Lender draws and project reporting

Financial and asset management

  • Annual budgeting and reforecasting
  • Monthly financial reporting
  • Variance and KPI analysis
  • Receivables and delinquency control
  • Expense management and owner reporting

We take over the whole property business plan, from the on-site team to the monthly owner report.

Monarch 716: Turning -$118K into +$1.1M in 21 Months. Read the case study

We plan the launch, hire and train the team, run the marketing and move-in, and carry the building through stabilization.

212 East: 92.8% Lease-Up, 99% Move-In & 9% Rent Growth. Read the case study

Changing managers shouldn’t cost you a leasing season. We run the handoff as a project, so residents, staff, vendors, data and reporting all move over without gaps.

Keep your current team and bring us in for the piece you need: an outside assessment, an underwriting check, a capital plan or support with your lender.

Get a property assessment
212 East, Champaign, IL. Delivered, leased up and stabilized by XFD.
212 East, Champaign, IL. Delivered, leased up and stabilized by XFD.

Capital Projects

Owner-Minded Capital Planning and Value-Add Execution

We distinguish necessary asset-preservation work from discretionary improvements that should produce a measurable operational or financial return.

Property assessments and capital-needs planning
Project scoping, budgeting and prioritization
Competitive bidding and contractor selection
Contract negotiation and administration
Construction oversight and quality-control inspections
Budget, schedule and lender-draw administration

Value-add projects are scoped to support rent growth, improve the resident experience and strengthen asset value.

Debt Placement and Lender Relationship Management

Because we are owners ourselves, we take time to understand the lender relationship, financing structure and owner objectives before implementing the property business plan.

  • Financial and asset-performance reporting
  • Covenant and compliance monitoring
  • Lender communication and meeting preparation
  • Capital-project and lender-draw reporting
  • Debt placement and refinancing coordination
  • Data room, inspection and underwriting support

The Goal

Operating and capital decisions that keep improving cash flow, protect your covenants, and leave the asset ready to refinance or sell.

Proven Resilience. Performance across geographically diverse markets demonstrates that the operating model is repeatable rather than dependent on one market or one business plan.

Active Portfolio Snapshot

4,161 beds currently owned or operated across diverse university markets.

Map of the United States showing property locations 2
Current properties Previous properties Team operating experience
  • Cottage Row Stillwater 792beds Stillwater, OK, near Oklahoma StateOwner
  • Cottage Row Student Living 1,087beds Statesboro, GA, near Georgia SouthernOwner-operator
  • The George Student Living 368beds Statesboro, GA, near Georgia SouthernOwner-operator
  • The Landing Student Living 888beds Greenville, NC, near East CarolinaOwner-operator
  • 800 Block 368beds Logan, UT, near Utah StateThird-party management
  • Axis 658beds Fayetteville, AR, near University of ArkansasThird-party management

The line under each property shows distance to campus, from 0 to 3 miles.

Our Team

Our team has over 100 years of combined experience investing, developing, acquiring, and operating over $2.5 billion of real estate across the United States.

Samuel Mtunga

Founder and CEO
Focus: Investor relations and asset management
Works with: Investors, acquisitions and operations teams

Alindine Mtunga

Director of Operations, Partner
Focus: Investor relations, property operations and asset management
Works with: Investors, operations team, general managers and assistant general managers

Jennifer Kustenbauder

Director of Leasing
Marketing and leasing

Xavier Ybarra

Operations Manager
Property operations and personnel

Kris Manuela

Property Accounting Manager
Accounting and asset management

Justin Perryman

Regional Facilities Manager
Maintenance and capital projects

Anthony Frazier

Senior Marketing Coordinator
Marketing and leasing with on-site teams

Avery Lucas

Marketing Coordinator
Marketing and leasing with on-site teams

Get a property assessment

Tell us about the building and what’s getting in the way. We’ll look at it the way we would if we were buying it.

You tell us about the property

Three short steps, about two minutes.

We review it

Operations, leasing, market position and capital needs.

We walk you through what we'd change

On a call with our leadership team.

Rather talk it through now?

(217) 636-3136

2101 Fox Drive, Suite 103, Champaign, IL 61820

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