Preiss Continues Its Student Housing Acquisitions
The company acquired two properties with a total of 780 units and plans to renovate common areas, as well as unit interiors and exteriors.
By Adina Marcut
Cabana Beach San Marcos
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.
Cabana Beach Gainesville
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
