Joint Venture Acquires Orion on Orpington Student Housing Complex Serves University of Central Florida
Monday January 05, 2015
The Preiss Company Is Sponsor/Property Manager
ORLANDO, Fla./RALEIGH, N.C., December XX, 2014—Officials of The Preiss Company, the nation’s third largest, privately held student housing owner-operator, today announced that it acquired in a joint venture the 624-bed Orion on Orpington student housing complex near the University of Central Florida (UCF) from Orlando Student Venture, LLC for an undisclosed amount. The joint venture is comprised of a private investment group and The Preiss Company who is the sponsor and property manager.
“This is our third joint venture with the same private investment group, bringing to nearly $130 million of student housing assets that we have acquired together in the past 18 months, and we look forward to the opportunity to further build on this relationship,” said Donna Preiss, founder and president of The Preiss Company. “We were attracted to this property because of its well-deserved reputation at FSU and consistently high leasing history. Our goal is to further enhance the student experience and to improve operating margins.
“The Orion is also our second property in Florida, a market that we find attractive with great universities and the need for quality, off-campus student housing. We have strong partners with significant capital to invest nationwide, and we continue to seek out joint venture investments with prudent, risk/reward opportunities. Acquisition opportunities remain plentiful from older properties that, need capital infusion and repositioning to well-performing properties like the Orion. There also are development opportunities available in multiple markets. We have a very active pipeline in all three categories and we currently are looking at properties in more than a half dozen states, including markets where we have already invested, as well as entering new markets like our recent expansion into California, Idaho, Tennessee and Kentucky.
“UCF is a thriving campus, the second largest university in the U.S. by enrollment.” she noted, “With only 12 percent of students living on campus, there is a strong demand for off-campus student housing. We believe our track record of close interaction with students combined with our proprietary operating programs will enhance our students’ housing experience and our bottom line.”
The Orion on Orpington is located at 12700 Orpington Street, Orlando. Situated on 21 heavily landscaped acres, the complex consists of 156 four-bedroom suites. The property features a state-of-the-art fitness facility, free turbo stand-up tanning bed, extreme game room with billiard tables, resort-style swimming pool and hot tub, lighted sand volleyball court, picnic area with grills and covered parking.
“The property is in excellent physical shape but we continuously look for ways to make smart investments to make our student experience better and are spending a substantial amount for capital improvements, including significantly enhanced Internet bandwidth. We have initiated our social programs as an added benefit for our students,” Preiss said.
Each suite consists of four private bedrooms and bathrooms, a full kitchen and expansive living room. The suite amenities include full-sized washers and dryers, modern black appliances, 42-inch flat screen TVs, designer leather furniture, ceiling fans, complimentary internet and cable with eight HBO channels.
“We are committed to enhancing our student residents’ experience and will hold a minimum of three events each month, such as resident appreciation nights with free pizza and coffee deliveries to our residents’ doors. We have a highly successful social media platform and will provide all-digital access under our leasing platform to make the process easier and faster. We have received positive feedback to date from our student residents and expect to see high satisfaction scores and increased retention.”
Monthly rents begin at $580 for The Orion, which includes a utility allowance. Additional information is available at www.OrionOrlando.com.
About The Preiss Company
Celebrating its 28th year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company currently is the nation’s third largest privately held owner-operator of private student housing. The company’s portfolio currently is comprised of approximately 20,000 beds located in 12 states and 18 markets. For more information, visit www.tpco.com.