The Preiss Co. Acquires 784-Bed Student Community

The Preiss Co. has acquired The Collective at Lawrence, a 270-unit, 784-bed student housing community in Lawrence, Kan. Trinitas Ventures sold the asset, according to Yardi Matrix information.

The acquisition marks the company’s second asset in Kansas and its first owned property in the state. Plans call for technology upgrades throughout the property to enhance resident security and convenience.

Formerly known as The Nest, the cottage-style property came online in 2018. Trinitas financed the construction with a $41.3 million loan originated by Associated Bank in 2018, the same source shows.

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The community encompasses 94 one- to three-story buildings spread across almost 34 acres. The unit mix consists of one-, two-, three- and four-bedroom floorplans ranging between 605 and 1,704 square feet. Select apartments also feature private balconies or patios.

Common-area amenities include a fitness center, business center, clubhouse, basketball and volleyball courts. Additionally, the property has a swimming pool and spa, hot tub, disc golf course, soccer field and multiple study areas.

Located at 3345 Magnolia Circle, The Collective at Lawrence is 2 miles from the University of Kansas at Lawrence campus and less than 4 miles from the David Booth Kansas Memorial Stadium. Downtown Kansas City is roughly 46 miles northeast.

The Preiss Co.’s recent student housing expansion

The Preiss Co.’s current student housing portfolio encompasses more than 30,000 beds spread across 12 states. A few weeks ago, the company also acquired Riverfront Village, a 440-bed student housing community in Tuscaloosa, Ala., serving the University of Alabama. The firm partnered with Crow Holdings Capital for the purchase.

Earlier this fall, the firm also purchased and rebranded Elevate 231, a 318-unit, 972-bed asset in Columbia, Mo. The property was fully occupied for the 2024-2025 academic year.