The Preiss Company Continues Western Expansion, Named Manager of the Vista Student Housing Complex at Boise State University
Monday November 17, 2014
BOISE, IDAHO/RALEIGH, N.C., November X, 2014—Officials of The Preiss Company,the nation’s fourth largest, privately held student housing owner, today announced that it continues its strategy to expand further into the Western U.S. after being named manager of the 539-bed Vista student housing complex at Boise State University. The complex is comprised of two buildings, Vista East and Vista West, which are located across the street from campus and each other, and currently are under construction and scheduled to open for the fall 2015 semester.
“We continue to have an aggressive appetite to add properties throughout the country, both as a third-party manager and as an investor,” said Donna Preiss, founder and president of The Preiss Company. “These properties expand our portfolio to three in the Western U.S. and mark our seventh third-party management contract in the past two months. We are in active negotiations for other contracts on the West Coast and expect to add to our portfolio by year-end. We are focusing on smart growth and have grown our third-party property management portfolio by 30 percent this year.”
Vista East, located at 1105 La Pointe Street, offers studio, one-, two- and three-bedroom layouts. All suites have private bedrooms, bathrooms, full-sized washers and dryers. Among the amenities are a state-of-the-art fitness center, media lounge, study lounge, grilling area, hot tub, games area and café lounge.
Vista West is located across the street from campus at 1570 S. Lusk Place. The building will offer studio, two- and four-bedroom options, each with private bedrooms and bathrooms, as well as full-sized washers and dryers. Amenities will include a study lounge, fitness center, media lounge, games area, outdoor movie theater, hot tub, café lounge and dog walk area.
“We already are well along on our marketing planning and are consulting during the construction process,” Preiss said. “We have just opened the leasing center in a prime pedestrian area next to Cheerleaders Bar & Grill, which is central to both sites and the Boise State campus. The leasing center is generating significant interest and buzz among both students and parents.”
Preiss noted that the properties will offer a different physical layout of amenities. “We are confident that both sites will be highly favored by students. The Vista brand truly embodies the next generation of student housing,” Preiss said. “The Vista will benefit from the strong student interaction culture that is common to all of our properties. Our residents have rated our properties ‘the best’ in eight of our markets, and our resident satisfaction is evidenced by our high renewal rates.”
The Vista is being developed by Carter Developments, one of the country’s leading real estate investment, development and advisory firms, and Pinecrest Partners, a New York-based real estate private equity investment firm.
Average monthly rents for The Vista will be $680 per month. Additional information for both properties is live on The Vista website at www.vistaboise.com.
About The Preiss Company
Celebrating its 28th acquisition and management of off-campus student housing. The company currently is the nation’s fourth largest privately held operator of private student housing. The company’s portfolio currently comprises approximately 20,000 located in 12 states and 18 markets. For more information, visit www.tpco.com.