The Preiss Company Expands Texas Footprint with Acquisition at Texas State University

The Preiss Company Expands Texas Footprint with Acquisition at Texas State University

SAN MARCOS, TX - Officials of The Preiss Company, the nation’s third largest, privately held student housing owner-operator, today announced that it expanded its footprint in Texas with the acquisition of the 486-bed Outpost San Marcos student housing complex serving Texas State University. The educational institution, with more than 36,000 students, is the largest in the Texas State University System.

The property is the second purchased this year by joint ventures comprised of Preiss, Baltimore-based Criterion Holdings, LLC as the general partner, and a separate private investment group. The Preiss Company will implement a plan to upgrade the property, as well as operate the facilities.

“This is our first property at Texas State, although we have been in Texas for eight years, and this acquisition will bring us to nearly 4,000 beds in the state,” said Donna Preiss, founder and CEO of The Preiss Company. “We are pleased to have purchased this stabilized asset serving a university that has exhibited growing enrollment. Texas State grew 3.4% last year and the Outpost continues to perform higher than expected in terms of pre-lease velocity and rental rate growth.”

The Outpost San Marcos is located at 1647 Post Road within walking distance to the football stadium and approximately seven minutes from the Texas State campus via quarter-hourly public transportation provided by the University. Situated on 11.2 acres, the complex consists of six, three-story buildings and a stand-alone clubhouse.

After speaking with students and parents, Preiss is planning to upgrade the facility. Efforts will concentrate on significantly enhancing the clubhouse, including adding a large study/computer room. Plans also call for the installation of new fitness equipment with Fitness on Demand, new furnishings, new pool furniture and a major upgrade to Internet connectivity and speed.

“Less than 15 percent of students live in University-owned housing, creating high demand for quality housing,” Preiss said. “The Outpost is well-located with great transportation serving a large and growing university population.

“We continue to target quality assets where we see upside by adding value through strategic investment, strong marketing and focused, hands-on management,” she added. “We acquired this property less than two months ago and already are ranked second out of 25 purpose-built assets serving Texas State. The property is ahead on budgeted prelease velocity and rentals. This is a great addition to our expanding portfolio.”

Source: The Preiss Company / #Student #Housing

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