CLEMSON, SC - Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, announced the acquisition of the 598-bed student housing complex, Aspen Heights, for an undisclosed amount. Serving Clemson University, the property has been rebranded The Collective at Clemson and is undergoing major upgrades.
“Year-to-date, we are averaging nearly one major transaction a month and believe the second half of 2019 will be as robust as the first half,” said Susan Folckemer, TPCO chief acquisitions & development officer. “We continue to see favorable investment opportunities in markets across the country and have the most active pipeline ever in our 32-year history.”
The significant upgrade program will have special emphasis on enhancing the clubhouse, the complex’s social and study center, as well as improving amenities. Other improvements include flooring upgrades and new furniture in select units, as well as painting the exterior.
“We have a long and successful history with the Clemson University student community,” said Adam Byrley, chief operating officer, TPCO. “We have served students there since 2002 and know their housing, amenity and social preferences. We have tailored our proprietary operation programs to fit their needs. With strong academic programs and high visibility athletics, Clemson currently is ranked 24th among all public universities by U.S. News & World Report, which bodes well for continued enrollment growth.”
Situated at 673 Old Greenville Highway in Clemson, the property consists of a collection of cottages and townhouses surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplaces and full-court volleyball and basketball courts. A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center.
The complex offers two-, three-, four- and five-bedroom floor plans, each providing a private bedroom, bathroom and ample closet space. The open space layout features a living room and spacious kitchens with granite countertops, black appliances and shaker-style cabinets. Linen closets and extra storage are provided, as well as a full-sized washer and dryer.
“We have passed the half billion-dollar mark in transactions for a single year in record time and believe we will exceed our previous record year of acquisitions, dispositions and development in the third quarter,” said John Preiss, chief investment officer, TPCO. “We have a strong group of institutional investors with whom we have built trust and great working relationships. Together we continue to see excellent growth opportunities in student housing.”