The Preiss Co. has expanded its student housing portfolio in Texas by entering a new submarket between Austin and Houston. According to Yardi Matrix data, the company acquired University Trails College Station in College Station, Texas, for an undisclosed price from Crow Holdings.
The off-campus student housing community near Texas A&M University was built in 2001, according to Yardi Matrix data. University Trails College Station totals 828 beds that are spread throughout one-, two-, three- and four-bed units that range from 630 to 1,450 square feet. The fully-furnished units were also built with washer and dryers, and private patios or balconies, while the community has a sand volleyball court, pool and hot tub, business center, basketball court, two fitness centers and study rooms.
Located at 1101 Luther St. W., University Trails College Station is within walking distance to Texas A&M University and near the university’s stadium, Kyle Field. Adam Byrley, COO at The Preiss Co., told Multi-Housing News that the community is 97 percent occupied.
SIGNIFICANT UPGRADES COMING
The Preiss Co. is planning to invest significant capital into University Trails College Station by renovating the interior units, upgrading the property and completely redoing the clubhouse. Byrley told MHN that the new ownership would install new appliances, kitchen countertops, kitchen backsplashes and furniture for the units, while also upgrading the bathrooms. The Preiss Co. will also update the pool, fitness centers, study rooms, grilling areas and more, Byrley added.
Susan Folckemer, chief acquisition and development officer at The Preiss Co., said in prepared remarks that it was the company’s first community in College Station, but 17th overall transaction in Texas. The University Trails College Station acquisition comes a few months after The Preiss Co. acquired a 847-bed student housing community in Lubbock, Texas, near Texas Tech University in December.