Sold: One of Raleigh's largest privately-owned student housing complex
Monday April 18, 2016
The Preiss Co. of Raleigh has been on a bit of an acquisition spree lately, and this week the company added another prominent Raleigh student housing complex to its portfolio, Campus Edge near N.C. State University’s Centennial Campus.
Terms of the deal were not disclosed – and as of late Wednesday afternoon the property deed record had not been recorded in Wake County – but the property tax value of the complex is estimated at more than $30 million.
The 250-unit Campus Edge community was built in 2000 and features 546 student bedrooms making it one of the largest privately-owned student housing apartment communities in Raleigh. It is located at 3551 Cum Laude Court near Gorman Street and I-440.
The Campus Edge deal is The Preiss Co.’s fifth major real estate acquisition so far in 2016. It acquired in the first quarter three properties in Boca Raton, Florida, near the campuses of Florida Atlantic University, Palm Beach State College and Lynn University, as well as the 324-bed Collegiate Commons apartment community in Greensboro near North Carolina A&T State University. Terms of those deals were also not disclosed.
The Preiss Co. purchased Campus Edge from an Atlanta-based joint-venture partnership. It is the company’s 14th multifamily property in the Triangle market.
"Raleigh is our headquarters city, and we have unparalleled expertise here,” stated Preiss President and CEO Donna Preiss in a news release about the deal. "Our national footprint exposes us to new practices and opportunities. However, North Carolina, remains an important market. … We see continued opportunity throughout North Carolina and have excellent relationships with the leading colleges and universities.”
Preiss says the company plans to re-invest another $2.2 million in renovations to the property ahead of the 2017-18 school term. The renovations will include a full makeover of the clubhouse and upgrades to many of the units, including new flooring, countertops, upgraded black appliances and lighting.