The Preiss Company Acquires Two Charlotte, N.C. Student Housing Properties with New Joint Venture Partner
Monday January 08, 2018
Will Invest Significantly in Upgrades/Renovations
RALEIGH, N.C. & CHARLOTTE, N.C.--(BUSINESS WIRE)--Officials of The Preiss Company (TPCO), ranked within the nation’s top 10 largest, privately-held, student housing owner-operator, today announced that it acquired at the close of 2017 the 520-bed 48 North complex and the 660-bed University Village at Charlotte in a new joint venture with a private investment group for an undisclosed amount. Preiss previously owned the properties, which serve the University of North Carolina-Charlotte, with another joint venture partner prior to the sale and will continue to operate both complexes. The new joint venture will invest significantly in upgrades and renovations at both properties.
“All of our owners have different investment strategies, and we were able to offer an existing joint venture property to a new, different partner with separate investment criteria,” said Donna Preiss, founder and CEO, The Preiss Company.
“This is our third consecutive joint venture with these properties which speaks to their ability to achieve investment goals for our JV partners. These are extremely well-located complexes that will benefit from capital infusion and upgrades.
“During our decade-plus tenure as owner-operators, the properties have enjoyed great success with average occupancy above 97% percent with an average 4 percent annual rent growth. We remain particularly bullish on the market.”
University Village at Charlotte
Preiss built the garden apartment and townhouse complex in 2007 at 9915 University Village Blvd., 0.2 miles from campus. The highly amenitized property includes a private shuttle to campus, clubhouse with game room, state-of-the-art fitness center and cardio room, resort-style salt water swimming pool, computer center, private bedrooms and bathrooms, stainless appliances and washer and dryer in every unit.
Upgrades and improvements include replacing common area furniture in 98 units and bedroom furniture in 47 units. Kitchens and bathrooms will be refreshed with new finishes, lighting and ceiling fans, while carpeted units will be upgraded with faux wood flooring. Common areas will receive new 55-inch smart TVs. The fitness center will get new cardio equipment and TVs. The basketball court will convert to a grill area, the breezeways will be power washed and exterior lighting will be enhanced.
“The University formed a Division I football team that is part of the FBS Conference and has a recently built stadium which can be expanded as the program matures,” Preiss noted. “The property is across the street from the intramural fields and has a great reputation in the market. We believe these improvements will continue to attract high occupancy with excellent rental rates.”
Located at 10035 Dabney Drive, the townhome complex is 0.3 miles from campus. Amenities include a private shuttle service to campus, saltwater swimming pool, 24-hour fitness center, free tanning, computer lab, coffee bar, sand volleyball courts, fire pit, private bedrooms and bathrooms, washer and dryers and patios.
Improvements and upgrades include adding wood flooring, replacing kitchen cabinets and installing new quartz countertops. Washers and dryers will be replaced, building exteriors will be power washed and painted, roofs will be replaced and pool and office furniture will be refreshed.
About The Preiss Company
Celebrating its 30th year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 largest, privately-held, student housing owner-operator. For more information, visit www.tpco.com.