The Preiss Company Purchases Melrose Student Apartment Complex
Thursday May 05, 2005
RALEIGH, NC – May 5, 2005 – The Preiss Company, the largest housing provider of off-campus student housing at North Carolina State University, has recently purchased the 210-unit Melrose student apartment complex in Raleigh, NC. The Preiss Company represented the buyer, University Village Raleigh LLC, in the sale. University Village Raleigh LLC is a joint venture between The Preiss Company, Colorworks, and Sterling Education Properties of Chicago.
According to company Founder and Chief Executive Officer, Donna Preiss, The Preiss Company had been eyeing Melrose Apartment for several years. “The property had a great location, great amenities, and great curb appeal,” says Preiss. “The property had been underperforming, and we felt that if we brought our targeted, energetic, and creative management to the property, that we could turn the property around.”
Melrose Apartments is a 600-bed facility built in 1996. It consists of 16 three-story, garden-style buildings featuring a mix of 2, 3, and 4-bedroom units. The apartment complex is located about two miles from the North Carolina State University campus and offers a full-range of amenities including pool, clubhouse, fitness center, computer lab, and game room. The Preiss Company is planning to invest almost one million dollars in providing further enhancements and improvements to the property.
“We are excited to reposition this property and launch it as the flagship property of The Preiss Company,” adds Preiss. “We are committed to raising the standards of student housing in Raleigh. We feel that attractive, well-appointed, and competitively priced properties designed and targeted to students will do more to help student living and the inner city neighborhoods more than all of the ordinances that the City Council can pass. What drive students out of the single-family neighborhoods and into student housing communities are inviting and affordable alternatives.”
The Preiss Company currently houses 30% of the off-campus housing population that is being housed in student housing communities. Over the last 12 months, The Preiss Company has developed, or participated in the development of, more than $76 million in student housing. They currently have $154 million in future developments planned.
About The Preiss Company
The Preiss Company was founded in 1987 with a mission of maximizing real estate investor returns by helping in all aspects of real estate investment. This includes the selection, purchase, sale, exchange, and management of property. Since that time, it has formed more than 50 partnerships, has been the developer or co-developer of over 20 projects in North and South Carolina, and has provided residences for more than 3,000 college students. For more information, visit www.tpco.com.
Amy Preiss-Barger, Director of Marketing
The Preiss Company