Preiss Acquires Two Student Housing Facilities in Raleigh
- May 20, 2016
Raleigh, N.C.—The Preiss Co. recently acquired two student housing facilities located in Raleigh, N.C., in a joint venture with a private investment group. The company will continue to handle property management for both the 440-bed College Inn and the 288-bed University Village at 2505.
Located at 2717 Western Blvd., College Inn is a 440-bed, four-story student housing facility conveniently situated across from North Carolina State’s Main Campus and close to its Centennial Campus. The property features a range of amenities such as a large club house with a computer lab and study rooms, fitness center and game room.
Preiss will oversee substantial unit improvements of College Inn, with an expected start date during the fourth quarter of this year. New lighting, appliances, cabinets, countertops and furniture will be upgraded. Also, the clubhouse and building exteriors, as well as landscaping, will be enhanced.
Located at 2505 Red Lodge Place, the 288-bed University Village at 2505 is situated less than a mile from the Centennial Campus. The student housing community consists of four four-story buildings housed on approximately nine acres. The gated property features a range of amenities such as a clubhouse with Internet café, fitness center and self-serve Starbucks coffee bar, as well as a resort-style swimming pool and sand volleyball court. University Village 2505 was developed by Preiss in 2012 specifically for student housing.
“Coming into 2016, Preiss set a goal of adding 10 properties,” Donna Preiss, founder & CEO of The Preiss Co., said. “We have the largest pipeline in our history and could exceed that goal by as early as this summer. Based on our current rate of acquisitions, we will have an exceptional year, perhaps a record. There are a large number of properties on the market, ranging from those that would benefit from major renovation/repositioning to those that need more focused management. There also remains opportunities to develop new properties. Financing remains attractive, and we see continued demand growth. We continue to believe this is an excellent time to be investing in student housing.”
Image courtesy of The Preiss Co.