Preiss Acquires 546-Bed Student Housing Community in North Carolina
- Apr 08, 2016
Raleigh, N.C.—The Preiss Co. recently acquired a 546-bed student housing community in Raleigh, N.C., in a joint venture with a private investment group. While terms of the deal remained undisclosed, the student housing property is valued at around $30 million. Preiss plans an extensive $2.2 million renovation this year to improve the property’s amenity package.
Located at 3551 Cum Laude Ct., Campus Edge consists of 13 two- and three-floor buildings on 25 acres of land. The property features one-, two- and three-bedroom floorplans and a range of amenities such as a computer lab, resort-style swimming pool, fitness center, tanning bed, volleyball and basketball courts, dog park, clubhouse game room and car wash area.
Campus Edge is the closest community to the Centennial Campus and the only one that offers one-bedroom units south of the main campus.
“This off-market transaction continues our aggressive growth through both acquisition and third-party management contracts,” said Donna Preiss, founder & CEO of Preiss, in a prepared release. “While we have expanded to 23 markets nationwide, we continue to look for in-fill opportunities in existing markets.”
“Raleigh is our headquarters city and we have unparalleled expertise here. This is our 14th property in the market which gives us tremendous economies of scale, supported by a deep, experienced infrastructure. Our national footprint exposes us to new practices and opportunities. However, North Carolina remains an important market. We are the largest student housing provider in the state, as well as at NCSU. We see continued opportunity throughout North Carolina and have excellent relationships with the leading colleges and universities,” Preiss added.
Images courtesy of Campus Edge