The Preiss Co. Pays $103M for Raleigh Student Housing Community

Valentine Commons. Image courtesy of The Preiss Co.

The Preiss Co. has acquired Valentine Commons, a 928-bed student-dedicated community in Raleigh, N.C. Capstone Communities sold the property for $102.6 million, according to Yardi Matrix data.

Executive Managing Director Ben Roelke and Senior Managing Director Ian Walker of Newmark secured a $77.3 million, five-year acquisition loan through a life company lender.

Completed in 2012, the community comprises an 11-story building and 277 units with two-, three- and four-bedroom floorplans, averaging 1,070 square feet. Community amenities include a rooftop terrace, a swimming pool, a business center, fitness and aerobics rooms, study rooms, as well as a game room. The new owner plans to invest $10 million in common-area and unit upgrades, including the addition of new appliances, countertops and flooring, as well as the renovation of the terrace and pool.

Located at 3009 M.E. Valentine Drive, the property is next to North Carolina State University and Doak Field at Dail Park. Meredith University is within a mile of the community, while Campbell School of Law, William Peace University and Shaw University are situated within 3 miles. Raleigh city center and multiple dining and entertainment venues are 2.5 miles from Valentine Commons.

The Preiss Co. currently owns and manages more than 55 student-dedicated properties across 13 states. In March, the company acquired University Trails College Station, an 828-bed community in College Station, Texas, adjacent to Texas A&M University. The seller was Crow Holdings.