Stonemont Financial Group and The Preiss Company Revive Texas State University Off-Campus Housing Project
Friday October 16, 2015
SAN MARCOS, Texas and RALEIGH, N.C., Oct. 15, 2015 /PRNewswire/ -- Stonemont Financial Group, an Atlanta based real estate investment firm and The Preiss Company (TPCO), the nation's fifth largest private student housing operator, will develop and complete the new Ella Lofts, a 252-bed luxury off-campus student housing community on the north side of the Texas State campus.
Located within walking distance to the Texas State campus at 817 Chestnut St., Ella Lofts will feature best-in-class amenities including 24-hour fitness center, group study areas, outdoor courtyards and an infinity pool. The project will also feature one, two, four and four-bedroom loft floor plans.
Formerly known as 817 Lofts, the project had started construction under a different developer in 2013 and was set to be completed in August 2014. After construction delays and other stalls, the project was never completed and sat dormant until Stonemont Financial purchased it in September.
"We are extremely excited to be able to launch the new Ella Lofts brand at Texas State," said Zack Markwell, co-founder of Stonemont Financial. "We believe that this project will transform into the shining star of the off-campus market in San Marcos. This is a win-win for Texas State students who now have a new option within walking distance to campus and for the city of San Marcos, which can finally realize the vision for this piece of property on Chestnut Street."
With more than 38,000 students enrolled, Texas State University is the fourth largest institution in the state of Texas. With only approximately 20 percent of students living on-campus, the San Marcos student housing market has a large demand for quality, purpose-built communities. Very few off-campus projects are within walking distance to campus, allowing Ella Lofts to serve as a viable option for students without cars or for those who are looking to avoid San Marcos traffic and parking woes on or around campus. The Preiss Company will serve as developer and manager for the project.
"We understand how important it is to the TSU and San Marcos community for Ella Lofts to be finally developed and completed," said Adam Byrley, executive vice president of property management for The Preiss Company. "We believe that the finished product at the new Ella Lofts will be worth the wait."
Leasing will begin October 1st at the Ella Lofts leasing office located at 316-D Edward Gary Drive in San Marcos. Monthly rent will begin at $499 per student, which includes utilities and furniture. Additional information is available at www.ellalofts.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 45 managed sites located in 14 states and 23 markets. For more information, visit www.tpco.com.
About Stonemont Financial Group
Stonemont Financial Group is a national real estate investment firm specializing in the development and acquisition of both off-campus student housing properties and single-tenant net-leased assets. Stonemont provides capital on projects up to $500 million in primary and tertiary markets, across the United States and Canada. Stonemont Financial Group's principals have structured and financed more than $17 billion in transactions over the past two decades. For more information, visit www.stonemontfinancial.com