The Preiss Co. to Manage 3 Student Communities in the South
Nuveen Real Estate owns the properties, totaling 1,887 beds, in South Carolina, North Carolina and Texas.
The Preiss Co. (TPCO) has been tapped to manage Greene Crossing in Columbia, S.C., Millennium One in Charlotte, N.C., and 33 North in Denton, Texas, three student housing communities totaling 1,887 beds, all adjacent to major universities. The properties were acquired by Nuveen Real Estate back in 2015 and 2016, Yardi Matrix data shows. The company paid a combined $114.5 million for the Charlotte and Columbia assets, according to the same data provider.
The 726-bed Greene Crossing marks the company’s second asset under management in the Columbia area, encompassing a mix of studio to four-bedroom floorplans ranging from 360 to 1,416 square feet. Community amenities include a swimming pool with sun deck, as well as a fitness center, study room, clubhouse and hammock swing lounge. Located at 708 Pulaski St., the community is within a mile of the University of South Carolina–Columbia and the downtown.
Millennium One is a 740-bed, pet-friendly property located at 1721 Thomas Combs Drive, adjacent to the University of North Carolina at Charlotte. The community encompasses one-, two- and four-bedroom floorplans averaging 1,154 square feet with in-unit laundry facilities, granite countertops and stainless steel appliances. Common-area amenities include basketball and volleyball courts, an outdoor study garden, grilling stations and a fire pit.
The 427-bed 33 North is the company’s 14th managed asset in Texas. The property comprises one- to four-bedroom units varying from 550 to 1,302 square feet. Amenities include an infinity pool, outdoor kitchen, gaming center and dog park. Located at 919 Eagle Drive, the student community is within walking distance of the University of North Texas campus and several dining, retail and entertainment options.
Expanding the student housing footprint
As the company remains committed to expanding its third-party management operations, these three new communities bring TPCO’s student portfolio to 32,034 beds across the U.S., mentioned COO Adam Byrley in a prepared statement. In the past year, the company has made some significant investments in the student housing market, including the North Carolina region.
In October, TPCO acquired a 928-bed student property near North Carolina State University in Raleigh, N.C., for $102.6 million. The following month, the firm recapitalized a 546-bed community in the same area, planning a multi-million dollar renovation program.