He joined the firm Wednesday after a few years buildingrelationships with national student housing developers and ownersas a senior housing investment specialist with Marcus &Millichap. The company could not be reached for comment about hisdeparture. "The affiliation with the debt markets will really helpmy investors," Kelly says.

Wall Street, which has taken a beating the last few days, hasbeen very comfortable with student housing, he says. "It's reallybeen the hot niche of multifamily, in the past 10 years it's beensought after more and more every year," Kelly tells GlobeSt.com."Right now it's perceived as insulated from the economic swings,some have even called it recession proof."

He says he has his ideas why student housing has become sopopular, and college applications have increased. "As the economygoes south, that's just basic, more people tend to try to get theirdegrees. Then you have the '"Echo Boomers,' the children of theBaby Boomers, where you're seeing that bell-curve of population allover again. The number of college-age students is going to go updramatically in the next five years."