Mimicking Record 2016, The Preiss Company Has Completed/Underway 13 Transactions in 2017, Totaling $550-Plus Million
Monday January 29, 2018
TPG Heads into 2018 Pursuing Most Active Pipeline in Company’s History
RALEIGH, N.C.--(BUSINESS WIRE)--Officials of The Preiss Company, one of the nation’s largest privately-held, student housing owner-operators, today announced that it has completed/underway 13 transactions in 2017 for a total, all-in cost of $550-plus million, essentially equal to its record 2016 activity.
“We had another year of robust growth, having completed/underway more than $1.1 billion in transactions over the past two years. It is the most active period in our history,” said Donna Preiss, founder and CEO, The Preiss Company. “We expanded our domestic and international financial partnerships, with approximately half of the transactions completed with domestic partners and the other half with institutional investors on two continents. We added properties in three new markets, and now own or operate 55 properties in 13 states from coast to coast.
“We remain very upbeat about the industry, as well as our investors’ and company’s growth prospects,” she noted. “Our development pipeline is the most active it has been in our history. We currently are evaluating acquisition candidates in multiple markets nationwide. We continue to concentrate on value-add properties that are less than 10 years old that can benefit from modest capital improvement and stronger management. In addition, we seek complexes that are more than a decade old that require significant capital infusion, total repositioning and pro-active management. We also are in the early planning phases on several ground-up development projects, which often have a long lead time.
“We and our joint venture partners have the capacity in 2018 to comfortably exceed our strong 2017 activity, including single assets and portfolios. However, we continue to focus on prudent, risk-adjusted returns and make our investment decisions accordingly. Our activity will be based on in-depth analysis of each deal.”
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.