Preiss Buys 450-Bed TX Property
- Jul 31, 2018
The Preiss Co. continues to expand its student housing portfolio, following the acquisition of a 472-bed community in Bloomington, Ind. In a joint venture with TH Real Estate, the company has purchased The Forum at Sam Houston, a 450-bed property in Huntsville, Texas. The company will manage the asset.
Located at 3019 Sam Houston Ave. on approximately 12 acres, the garden-style community serves students at Sam Houston State University, situated less than one mile away. The Forum offers a mix of studios, one-, two- and three-bedroom units including private bathrooms, full kitchens, full-sized washer/dryer and walk-in closets.
Built in 2011, the community features common-area amenities such as:
- 24-hour business center
- 24-hour fitness center
- 24-hour clubhouse
- swimming pool with sun deck
- sand volleyball court
- basketball court
- 24-hour study lounge
- outdoor lounge areas
Additionally, The Forum is pet friendly and offers a bark park, as well as a private shuttle to and from the campus. The company will oversee an extended renovation to the property. Upgrades will include new furniture, flooring and kitchen backsplashes for the units, upgrades to the clubhouse, as well as interior and exterior painting.
“This is our second joint venture acquisition with TH Real Estate in the past two months,” Donna Preiss, founder & CEO of The Preiss Co., said in a prepared statement. “We believe the renovation, new management and energy we bring to The Forum at Sam Houston will allow us to increase occupancy for the 2018/2019 school year by as much as 10 percent above current levels with a target in the mid- to high-90 percent leasing range.”
Image via Google Street View