Preiss Adds 2 Student Housing Communities in Charlotte
In partnership with a private investment group, the company purchased two student housing communities totaling 1,180 beds. The properties are serving students attending the University of North Carolina-Charlotte.
By Adina Marcut
49 North
The Preiss Co., in a joint venture with a private investment group, has acquired two student housing communities: 660-bed University Village at Charlotte and 520-bed 49 North. Both properties are in Charlotte, N.C.
Located at 10035 Debney Drive, 49 North is less than a mile from the heart of University of North Carolina-Charlotte’s campus. The 17 two-story buildings offer 130 four-bedroom units averaging 1,200 square feet. Common area amenities include:
- resort-style pool
- outdoor fire pit
- clubhouse
- shuttle service
- 24-hour fitness center
- free tanning
- computer lab
- sand volleyball courts
University Village at Charlotte is located at 9915 University Village Blvd., also serving UNC. The community is situated close to various shopping, dining and entertainment venues such as Walmart Supercenter, Ikea Charlotte Home Furnishings, Rocky River Golf Club at Concord and others. The pet-friendly property offers three- and four-bedroom units ranging in size from 1,241 to 1,459 square feet. Common area amenities include:
- campus shuttle
- 5,000-square-foot clubhouse
- game room
- resort-style salt water pool
- state-of-the-art fitness center
- computer center
- volleyball court
Revamped interiors
The joint venture plans to renovate both properties. Upgrades for 49 North will include replacing the common area furniture in 98 units and bedroom furniture in 47 units. Additionally, common areas will receive new smart TVs and the fitness center will offer new cardio equipment. Improvements at the University Village at Charlotte will comprise of new flooring, replacing kitchen cabinets, new washer/dryer units and installing new quartz countertops.
“All of our owners have different investment strategies, and we were able to offer an existing joint venture property to a new, different partner with separate investment criteria,” Donna Preiss, founder & CEO of The Preiss Co., said in a statement. “This is our third consecutive joint venture with these properties, which speaks to their ability to achieve investment goals for our joint venture partners. These are extremely well-located complexes that will benefit from capital infusion and upgrades.”
Image courtesy of Yardi Matrix
