The Preiss Company Led Investment Group Acquires 304-Unit View at Legacy Oaks Apartments in Knightdale, North Carolina

The Preiss Company Led Investment Group Acquires 304-Unit View at Legacy Oaks Apartments in Knightdale, North Carolina

KNIGHTDALE, NC - Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, Township Capital, Inc., and a private equity real estate fund advised by Crow Holdings Capital announced the joint-venture acquisition of the 304-unit conventional multi-family housing complex, View at Legacy Oaks, for an undisclosed amount.

“We have been working with Crow Holdings over the past nine months to identify value-add and core+ multi-family acquisitions in key southeastern markets,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “This is our ninth joint-venture with Crow Holdings, and we look forward to expanding our investments with them and adding to our market-rate portfolio. We anticipate that this will be the first of several market-rate acquisitions and development announcements this year.”

“We continue to seek best-in-class partners such as The Preiss Company and look forward to more acquisitions in the coming months,” said Matthew Gorelik, CEO, Township Capital, Inc. “When motivated parties come together, we collectively can move quickly to acquire the strongest of assets.”

Located at 1150 Baxter Lane, the complex offers 1-, 2- and 3-bedroom apartments with features including walk-in closets, in-unit washer & dryer, arched doorways, crown molding, patios and sunrooms. Additional options include attached garages, upgraded finishes and additional storage units.

Communal amenities include an oversized resort-style pool and sundeck, outdoor kitchen, 24-hour fitness center, playground, car care center and dog park. Additionally, residents can enjoy the proximity to I-540, as well as numerous shopping, entertainment and restaurant venues.

TPCO will invest significant capital to upgrade the View at Legacy Oaks. The improvement program will consist of clubhouse and outdoor space renovations, new exterior paint and flooring, cabinet, appliance, counter and light fixture upgrades to the community over an 18-month period.

“The View at Legacy Oaks already is a highly-rated community in this submarket, and we're excited to bring even more value to our residents with our planned renovations to the interiors and amenity areas,” said Adam Byrley, COO, TPCO. “We believe our best-in-class management team will create a unique and memorable living experience for existing and future residents.”

Source: The Preiss Company

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