What would it take to convert existing multi-family properties in Merced, California into student housing communities and would it be profitable?

I am looking for help in writing my thesis regarding converting my companys multi-family properties into student housing. The company is Heritage Management Group and is a privately owned company with its roots in real estate and development tracing back to the early 1940s when Bill Wainwright sold his first home in California and acquired a passion for helping meet the needs of people seeking to live the American dream. This same passion, combined with the principles of integrity and hard work were equally supported by his son Warren Wainwright who in 1971 started selling and buying real estate, building, and managing properties. Through the years he has developed over 3,000 single family homes, 900 apartments and over a million square feet of office, retail, and industrial spaces. Heritage Management Group currently owns, manages, and maintains many of the properties that it has developed.
In 2016 Heritage Management Group went into contract with University of California, Merced to house over 700 of their students because the University at the time did not have enough housing available for their students. This contract was to rent 45% of the units we have at our 3 apartment communities located in Merced, CA. The communities are Village Landing (211 unit), Village Terrace (184 units), and Northwood Village (142) units. We are within 3 miles to the University and in the most desirable area of Merced. This is one of the main reasons the University wanted to rent with our company.
The contact was for 4 year and expired this past May 2020. As of May 2020 UC Merced has vacated the apartments they rented from Heritage Management Group and so I wanted to do my Thesis for my masters degree on the idea that if we kept the 248 unit that UC Merced had converted into student housing that it would be more profitable for the company. What I mean by convert is that we rent them out per bed instead of the renting the entire apartment to any individual. This is how the University was renting them to their students. In our contract we rented the entire apartment to UC Merced at a specific rate that was agreed upon in the contract and was much more than if we were to rent them outside this contract. Our profits for the past 4 years were much more profitable due to this agreement. The UC rented the beds at a price of $1100 per month to each of the students so my goal in this Thesis is to see if we can lower that price to save money to the students while still making a higher profit for the company than if they were to rent the apartment as a whole. If we have to rent the apartment as a whole and not per bed we would have to bring down those rents to market, which is much lower than they would be if we are able to rent them per bed. I have the average market pricing along with our pricing to the UC that I will provide for the research.
By providing students housing in our communities, where they can rent per bed gives them the feel of off campus housing without having to make them responsible for furniture or utilities.
What we would need to do to keep the units as student housing units and rent them out per bed is the following:
1. Create a contract for individual occupants
2. Purchase the furniture from UC Merced Housing (I already have bids)
3. Transfer all Utilities
a. Village Terrace= Merced Irrigation District (MID) (electricity need to get average cost), Comcast (internet $24.99), and Pacific Gas and Electric (PG&E) (gas need to get average cost)
b. Village Landing= Comcast (internet $24.99) and PG&E (electricity and gas need to get average cost)
c. Northwood Village= Comcast (internet $24.99) and PG&E (electricity and gas, need to get average cost)