Fred Pierce Pierce: “There is a limited universe of students who can afford the most expensive housing. Thus, we believe there is an increased risk of over-building at the high end of the market.”

SAN DIEGO—There are more first-generation college students than any time in history, and many of those students come from families with more modest income, Pierce Education Properties’ CEO and president Fred Pierce tells Pierce Education Properties has become the 14th-largest owner of student housing in the country, as well as the 19th-largerst property manager in the industry, ranking among the top-25 owners of student housing in all eight years that Student Housing Business Magazine has published its rankings. In part 1 of a two-part story, speaks with Pierce about how the student-housing sector is reacting to this shift. Stay tuned for part 2 of our interview with Pierce, coming up on