The Preiss Co. Acquires Mizzou Student Housing
An extensive upgrade program is in the works.
The Preiss Co. has acquired and rebranded Elevate 231, a student housing community in Columbia, Mo. The property, now known as The Collective at Columbia, is a cottage-style community serving students attending the University of Missouri.
“The financial data was very limited, creating large holes in underwriting the asset,” John Preiss, president of The Preiss Co., told Multi-Housing News. “We were uniquely set up to overcome this by using like products in our existing portfolio to fill the gaps. We were able to satisfy both debt and equity requirements with this.”
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Sprawling across more than 50 acres, the community features 318 units and 972 beds. Floor plans extend from two- to four-bedroom options. The property’s appeal to Mizzou students is reflected in its 100 percent occupancy for the 2024-2025 academic year.
The transaction’s financing was arranged by Ben Roelke and Ian Walker, Newmark’s student housing debt team leaders. The Life Co. loan features 65 percent leverage, a low fixed rate, full-term interest-only and a flexible prepayment structure.
Renovations upcoming
The Collective at Columbia offers one of the most substantial amenity packages in the portfolio of The Preiss Co. Amenities include a clubhouse, pool, dog park, volleyball court and outdoor grilling and cornhole areas.
Yardi Matrix data shows that the two-story community also features 680 parking spaces and a basketball court. All units feature a washer/dryer and select homes include a private balcony/patio.
The Preiss Co. intends to embark on an extensive interior renovation program covering approximately half the property’s units. Among the upgrades will be the installation of new cabinets, countertops, lighting and flooring, as well as the incorporation of modern furniture. Implementations of smart home technology will deliver enhanced security and convenience, including the installation of smart thermostats and key fob entry systems.
Earlier this year, The Preiss Co. acquired another cottage-style community in Kennesaw, Ga., near the campus of Kennesaw State University. The 32-unit, 148-bedroom community includes homes that feature either four or five bedrooms.
