The Preiss Co. Recapitalizes Raleigh Student Housing
Preiss will begin interior and exterior renovations in 2023 at the community near North Carolina State University.
Campus Edge
The Preiss Co. has completed its recapitalization of Campus Edge, a 546-bed student housing community located at 3551 Cum Laude Court in Raleigh, N.C. The recapitalization includes a series of multi-million dollar renovations to the entire development, including to the apartments themselves, as well as the buildings’ exteriors and amenity spaces. The upgrades are scheduled to begin in 2023.
Campus Edge was built in 2000 over 14 buildings, spanning 25 acres and 258,444 square feet, and serves students attending North Carolina State University, according to CommercialEdge information. Preiss acquired the community in 2016 for $25 million, subject to a $22.2 million loan from Lone Star Funds, the same data shows. The community offers students a 256-unit mix of one-, two- and three-bedroom living arrangements, complete with private patios and balconies, laundry rooms and walk-in closets. Additionally, units feature upgradable furnishings and materials such as vinyl wood flooring and quartz countertops. The community’s amenities include swimming pools, sports courts, a fitness center, a game room and a dog park. Situated along Gorman Street in Raleigh’s Trailwood neighborhood, the community is 2 miles south of the NC State Campus and within 5 miles of downtown Raleigh.
The renovations planned as part of the recapitalization efforts include upgrading the finishes on cabinets and countertops, as well as those of furniture, flooring and appliances. Additionally, Preiss is planning to improve the amenity spaces, including the swimming pools and clubhouse, in addition to the buildings’ exteriors.
Preiss prospers
The Preiss Co. remains one of the nation’s most active student housing investors and developers, particularly in the South and Midwest. In October, the firm closed a $103 million purchase of Valentine Commons, a 928-bed community also located in Raleigh. Additionally, the company acquired University Trails College Station, an 828-bed development in College Station, Texas.
