Preiss Continues Its Student Housing Acquisitions
- Jun 09, 2017
After acquiring its first two joint venture student housing acquisitions in 2017, The Preiss Co. purchased two properties: Cabana Beach Gainesville and Cabana Beach San Marcos, two student housing communities totaling 2,232 beds.
“These acquisitions with a new joint venture partner play to another one of our core strengths: adding value through strategic upgrades and repositioning,” Donna Preiss, founder & CEO of The Preiss Co., said in a prepared statement. “TPCO has a proven record in both in-depth renovation and development. We’ve overseen more than $30 million in construction/upgrades over the past three years. Only a handful of student housing owner/operators have the extensive experience and expertise in this sector of our business.”
The portfolio includes:
- Cabana Beach San Marcos, a 276-unit property featuring 744 beds. Located at 1250 Sadler Drive, the community is just off the Texas State University campus. The three-story building offers efficiency, one-, two-, three- and four-bedroom units averaging 1,017 square feet. Common amenities include a fitness center, a swimming pool, a business center, a clubhouse, which TPCO plans to renovate, a basketball and a volleyball court.
- Cabana Beach Gainesville, a 504-unit, 1,488-bed community located at 1601 S.W. 51st Terrace. The three-story building features two- and four-bedroom units ranging in size from 847 to 1,462 square feet. The property offers amenities such as a fitness center, a business center, a clubhouse, a volleyball and a basketball court, a swimming pool and a total of 1,060 parking spaces.
TPCO’s Renovation Plan
According to Yardi Matrix, the properties first traded in 2015, when Starwood Capital Group acquired them for $70 million. TPCO plans to renovate common areas, as well as unit interiors and exteriors by adding power washing and/or new paint, new fencing, upgraded gutters and new window screens.
Images courtesy of Yardi Matrix