CHARLESTON, SC - Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it has been retained to manage 61 Vandy, a 101-bedroom complex serving the College of Charleston. The property is in the final stages of conversion from conventional apartments to student-focused housing.
“Third-party management is an integral part of our growth plan, and this upscale property in the heart of downtown Charleston is an outstanding addition to our portfolio,” said Donna Preiss, founder and CEO, The Preiss Company. “This is our first time working with this private investment group, and we look forward to building on our relationship and launching this exceptional project together. The property is completing a total makeover/conversion to a student housing-focused facility and will be one of only five purpose-built projects serving the Charleston college community.
“It also marks our entry into the important Charleston market, which is our sixth new market in the past three months,” she added. “We have in-depth operating experience in the region and already are actively leasing for the 2017 school year.”
The 61 Vandy complex is located at 61 Vanderhorst Street, two blocks from the College of Charleston, within walking distance of the Medical University of South Carolina and a short drive to The Citadel. The five-story property consists of 33 units offering a mix of studio, two-bedroom/two bathroom, three-bedroom/two bathroom and four-bedroom/two bathroom floor plans.
The upscale units feature key-fob entry, boutique-style furniture, hardwood floors, stainless steel appliances, granite countertops and wall-mounted flat screen televisions in the living area. Amenities include a self-serve coffee bar and Preiss’ proprietary technology that utilizes top-of-the-market WiFi with 1GB Internet connected directly into each suite, as well as programs that enhance online leasing and rental payments and social media. On-site parking is available.
“We have added four new management contracts in the past 90 days and are looking selectively for additional properties,” Preiss noted. “Student housing requires expertise and operating programs that are distinctively different from other forms of multi-housing. Since our founding in 1987, we have continuously refined and updated our programs to reflect student, parent and university preferences. Third-party management in this sector is highly fragmented, offering considerable opportunities for growth.”