Preiss to Manage B’more Student Housing Community

The 323-bed Varsity at UB is located within a five-minute walk from University of Baltimore’s Gordon Plaza.
The Varsity at UB Apartments, Baltimore

The Varsity at UB Apartments, Baltimore

BaltimoreThe Preiss Co. has been selected to manage The Varsity at UB Apartments, an 11-story, 323-bed student housing community located in Baltimore.

Situated at 30 W. Biddle St., the 114-unit property sits within short walking distance of University of Baltimore locations in the Midtown area. Completed in 2012, The Varsity is also close to the Maryland Institute College of Art, Johns Hopkins University, Loyola University and several other academic centers. “The Varsity at UB Apartments is somewhat unique in serving so many diverse universities within a close radius,” said Donna Preiss, CEO of The Preiss Co., in a prepared statement.

Featuring seven different floor plans, The Varsity offers a mix of studio, two- and four-bedroom units ranging between 370 and 1,321 square feet. According to the property’s website, monthly rents range between $674 and $1,220.

On-site amenities include 5,000 square feet of ground-floor retail, a 24-hour fitness facility, a computer lab, private and group study rooms, an indoor bike storage room, controlled access and individual air conditioning. The apartments offer full kitchens with microwave and dishwasher, granite counter tops, as well as washer-dryers in all units.

According to Yardi Matrix, the property is owned by Bethesda, Md.-based Potomac Holdings and was previously managed by Cardinal Group Management. Yardi Matrix data also shows that The Varsity at UB is subject to a $24.5 million CMBS loan originated by RAIT Financial at the end of March 2014.

Raleigh, N.C.-headquartered The Preiss Co. is the U.S.’s third-largest privately held provider of off-campus student housing, with a current portfolio of 21,000 beds in 28 markets spread over 13 states.

Image courtesy of VarsityAtUB.com