Capstone Development Corporation Selects Yardi Software to Manage Off-campus Student Housing

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Yardi Systems announced today that student housing provider Capstone Development Corp. has chosen Yardi Voyager™ and products from the Yardi Multifamily Suite™—Yardi Portal™, Yardi Payment Processing™, and Yardi PAYscan™—to manage its entire off-campus student housing portfolio, which numbers approximately 6,000 units for 15 universities.

“The integration of our lease management functions into one database will improve the accuracy of our reporting and analytics. We will also be able to complete bulk move-ins and move-outs more efficiently because changes in resident information are reflected instantly in Voyager”

Seeking faster and easier access to portfolio-wide resident and financial information, Capstone focused its efforts on selecting a system that would integrate multiple business functions in one platform provided by one vendor.

Capstone will perform its core property management and accounting functions, including budgeting and forecasting and job cost reporting, with Yardi Voyager. The company will market its properties dynamically with Yardi Portal, and residents will use Portal to pay rent and submit work orders online. Capstone will use Yardi CHECKscan™, a part of Yardi Payment Processing, to bulk-scan student rent checks into Voyager and convert them to electronic transactions. The company will manage all invoice processing for its off-campus properties with Yardi PAYscan, which bulk-scans invoices into Voyager as electronic transactions, automates approvals using a customized online approval workflow, and issues payment by electronic funds transfer.

“The integration of our lease management functions into one database will improve the accuracy of our reporting and analytics. We will also be able to complete bulk move-ins and move-outs more efficiently because changes in resident information are reflected instantly in Voyager,” said Jeff Fulmer, Capstone’s director of information technology.

About Capstone Development Corp.

Capstone Development Corp., a division of Birmingham, Ala.-based Capstone Companies, has developed, or is in the process of developing, more than 52,000 beds of on- and off-campus housing whose project costs total $2.3 billion. It participates in 54 university partnerships, more than any other student housing firm. Capstone received Multifamily Executive magazine’s Multi-Family Project of the Year Award in 2007 and 2008 in the Student Housing category. For more information, visit www.capstone-dev.com.

About Yardi

Yardi Systems has been committed to the design, development, and support of real estate investment management and property management software for more than 28 years. With its Yardi Multifamily Suite™, Yardi Commercial Suite™, and Yardi Investment Suite™, the Yardi Voyager™ system is the most comprehensive single real estate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.