JV Acquires San Antonio Student Housing
The Preiss Co. and a private real estate fund advised by Crow Holdings Capital purchased the 694-bed community, marking the joint venture's second acquisition in San Antonio this year.
The Luxx
A joint venture of The Preiss Co. (TPCO) and a private real estate fund advised by Crow Holdings Capital have acquired The Luxx, a 694-bed student housing community in San Antonio, Texas. The seller was NRP Group, according to Yardi Matrix data.
The deal is the third acquisition in 2019 for TPCO and the second acquisition by the joint venture in San Antonio this year, the first being The Estate at San Antonio, a 104-unit student housing community located near the University of Texas-San Antonio (UTSA).
“With three completed deals in January, we are on track for the busiest quarter in our history, if not the strongest growth year we’ve experienced ever,” said Susan Folckemer, chief acquisitions & development officer of TPCO, in prepared remarks. “We will continue to take advantage of the prevailing marketplace as we continue to expand our footprint nationwide. Our pipeline remains full, and we expect to announce additional deals in the coming weeks.”
The Luxx was built in 2014 and is located at 6023 UTSA Blvd., a five-minute drive from the UTSA campus. The 220-unit property offers a mix of one-, two- and four-bedroom floor plans. Rooms are fully furnished and feature energy-efficient appliances, wood-style flooring, ceiling fans, and washers and dryers. Resident amenities at the community include controlled access, a two-story fitness center, business center, clubhouse, volleyball court, swimming pool, spa, private study rooms and 800 parking spaces.
TPCO will operate the community and invest in a multi-million renovation campaign. Improvements will include updating the clubhouse and installing new computer equipment. The property will also receive new LED exterior lighting, as well as upgrades to outdoor amenities and the dog park.
Image courtesy of Yardi Matrix
