RALEIGH, NC - Officials of The Preiss Company, the nation’s third largest, privately-held, student housing owner-operator, announced that it continues to aggressively add to its student housing portfolio with the acquisition of three properties for an undisclosed amount in joint ventures with a private equity group. The properties include the 4050 Lofts, a 722-bed complex adjacent to the University of South Florida in Tampa; The Avenue, a 358-bed property serving Indiana University-Purdue University Indianapolis (IUPUI); and the 162-bed Campus West at Tyron near North Carolina State University.
In what is shaping up to be a record year for the company, the acquisition marks 10 student housing properties acquired year-to-date. The properties also add two new campuses to the company’s portfolio. The Preiss Company will oversee a renovation/upgrade program at two properties, as well as operate all three complexes.
“We already have achieved our previously stated goal of adding 10 properties in 2016 by the midpoint of the year and continue to have an aggressive appetite for more,” said Donna Preiss, founder and CEO, The Preiss Company. “We remain confident in the student housing outlook and have a very active nationwide pipeline.”
Located directly across the street from campus classrooms, the student center, area restaurants and nightlife at 4050 Rocky Circle on 10-plus acres, 4050 Lofts offers three- and four-bedroom units, each with a private bedroom and bath, and common living room and kitchen. The property will undertake a renovation that includes exterior upgrades, updating the swimming pool to include a new grilling station and furniture and individual unit enhancements in each kitchen.
“This is our fourth campus in Florida, a state in which we have considerable experience,” Preiss said. “The University of South Florida serves 42,000 students and continues to seek out-of-state and international students, as well as expand its enrollment of full-time, in-state students. The property’s location, combined with our proprietary, student-centric operating programs, will give 4050 Lofts a competitive advantage.”
Property amenities include a 24-hour Tech Zone with both PC and Apple computers, cyber café with gourmet coffee bar, two swimming pools with outdoor grills and a club house with Wii gaming area and pool table.
Situated at 930 W. 10th Street across the street from the northern edge of the IUPUI campus, The Avenue is the closest student housing complex to the University, is a short walk to the Indiana University School of Medicine and is adjacent to downtown Indianapolis. The campus serves more than 30,000 students offering more than 200 degree programs and houses the nation’s largest nursing school, the country’s second largest medical school, as well as an acclaimed dental school and law school.
The Avenue offers studio, one-, two-, three- and four-bedroom units, each with its own private bathroom. Amenities include on-site parking, salt-water swimming pool with outdoor kitchen and grill, restaurants and retail stores on the approximate three-acre site. The property also features a fully furnished media room, free Wi-Fi access and full-sized washer and dryer in each unit.
The property will undergo a substantial upgrade to include installing new 50-inch televisions in each unit, replacing corridor carpeting, enhancing the pool and pool deck, upgrading the internet service and renovating the clubhouse. A substantial majority of the one- and two-bedroom units will receive new furniture.
“The Avenue is our first student housing investment in Indiana and marks the 27th campus currently in our portfolio,” Preiss noted. “This property enjoys an irreplaceable location in relationship to the campus and, along with our award-winning operating programs, will allow us take a strong leadership position in student housing serving IUPUI.”
Campus West at Tyron
Developed by Preiss in a joint venture in 2014, Campus West at Tyron is located at 5521 Avent Ferry Road on more than 5.5 acres, approximately 1.5 miles from the North Carolina State University Centennial Campus. Rooms feature state-of-the-art finishes, including granite countertops, stainless steel appliances and private bedrooms and bathrooms.
“We have a deep pool of joint investor partners with different investment strategies,” Preiss commented. “We were fortunate that our prior joint venture partner had achieved its investment goals and wanted to harvest its returns, while the property matched up well to another investment group’s financial strategy. This is a great property in outstanding physical conditions with high satisfaction ratings from our student lessees.”