Raleigh Student Housing Assets Change Hands
The Priess Co. has sold a portfolio of three communities totaling 890 beds to a Chicago-based firm.
The Preiss Co. announced it has sold three student housing communities: University Village at 2505, Campus West at Tryon and The College Inn, totaling 890 beds.
Newmark Knight Frank‘s Ryan Lang, Brandon Buell and Jack Brett worked on behalf of the seller in the portfolio sale. Chicago-based Inland acquired the portfolio for an undisclosed amount. The deal comes on the heels of Preiss acquiring a 598-bed student housing property in Clemson, S.C. for an undisclosed price.
Located at 2505 Red Lodge Place, the 288-bed University Village at 2505 consists of three two-, three- and four-story buildings. The community features 72 four-bedroom units averaging 453 square feet. The pet-friendly property includes common-area amenities such as a 24-hour fitness center, swimming pool, grilling area, full-service computer lab, free Starbucks coffee bar, study rooms and beach volleyball court.
Campus West at Tryon, a 162-bed community at 5521 Avent Ferry Road, features 54 three-bedroom units averaging 1,235 square feet with in-unit amenities including granite countertops, stainless steel appliances and private bedrooms and bathrooms. The three-story property serves students attending the North Carolina State University.
The 440-bed The College Inn is located at 2717 Western Blvd., adjacent to NC State’s campus. The community features 121 two-, three- and four-bedroom units ranging from 756 to 1,239 square feet. Built in 2004, The College Inn offers common-area amenities such as a fitness center, swimming pool with sundeck, clubhouse, business center, media and game room, tanning bed and internet café.