Preiss Co., Nuveen Real Estate Buy NC Student Housing

The joint venture has acquired Signature 1505, a recently completed student housing community in Raleigh.
Signature 1505

The Preiss Co. teamed up with Nuveen Real Estate to acquire Signature 1505, a 525- bed student housing community in Raleigh, N.C. The seller was Peak Campus Cos., according to Yardi Matrix data.

Situated on 2.5 acres at 1505 Hillsborough St. in the city’s Hinton submarket, the 2018-built property has major street exposure to Hillsborough Street, with a traffic count of roughly 15,000 cars per day. The property is also within close proximity to the YMCA, North Carolina State University, Pullen Park and the entertainment centers in Glenwood South and Cameron Village.

Having just opened for the Fall 2018 semester, the Signature 1505 remains the newest student housing community for the Raleigh marketplace,” Donna Preiss, founder & CEO of The Preiss Co., said in prepared remarks.

With four additional properties in Raleigh, we are able to easily create economies of scale and systems for sharing best practices. We are familiar intimately with the market, and perhaps more importantly, we know and understand what today’s student body requires to have a successful and fulfilling academic career,” she added.

Signature 1505 provides a number of different room configurations. They include one-, two-, three- and four-bedroom apartments, all with private bed-bath suites. Among the features and finishes of the apartments are granite countertops, stainless steel appliances, hardwood-style flooring and up-to-date lighting fixtures. Included in suites are a full-sized washer-dryer, contemporary furniture package and 50-inch Smart TV.  Various placement and view options are available. The community’s amenities package includes a swimming pool, fitness center, 24-7 study and conference areas.

Expanding Partner Relationships

The Preiss Co. serves more than 5,000 students in 17 properties throughout the Raleigh market and has been the largest off-campus provider of purpose-built student housing for North Carolina State University (NCSU) for more than two decades.

Following our recent joint venture acquisition of The Estates at San Antonio, this Preissmarks our second deal in January,” said Adam Byrley, chief operating officer of TPCO, in a press statement. “Much of the diligent work we began last year looks likely to come to fruition over the coming months, and we project 2019 will be a record growth year for us.  We look forward to expanding our relationships with best-in-class partners like Nuveen Real Estate as we pursue our aggressive growth goals.” 

Image courtesy of The Preiss Co.