The Preiss Company, TH Real Estate Acquire 472-Bed Community Near Indiana University
Wednesday May 23, 2018
BLOOMINGTON, Ind. & RALEIGH, N.C.--(BUSINESS WIRE)--Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, has formed a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, to acquire The Park on Morton. The 472-bed student housing community is located approximately two blocks from Indiana University in Bloomington, Ind. Preiss will manage the property.
The brick and siding property, located at 710 N. Morton St., will undertake selective upgrades to enhance the student experience. “This is our first joint venture partnership with TH Real Estate, and we look forward to building on this relationship,” said Donna Preiss, founder and CEO, the Preiss Company. “It also is our first property at IU and our second in the state, further solidifying our nationwide student housing network.”
Preiss said the property will undertake a substantial upgrade of the club house and amenity spaces. In addition, a substantial portion of the units will receive premium upgrades. “The property opened in 2013 and is in excellent condition,” Preiss noted. “These improvements, along with our proprietary management systems, are designed to create a higher-value student experience. IU-Bloomington continues to experience dynamic growth, with first-year student levels reaching a record 8,000-plus enrollees this year, making the need for superior student housing options all the more important.”
Featuring a mixture of one-, two-, three- and four-bedroom units, The Park on Morton is situated on the western edge of Indiana University’s Bloomington campus. It is among the most upscale off-campus student housing complexes, offering an unparalleled amenity package in the market. Each fully furnished unit provides a spacious floor plan with private bathrooms for each bedroom, full-sized washer and dryer, granite countertops, hardwood flooring and plush carpeting. Plans call for the community’s clubhouse to be renovated, including redecorating the study rooms, upgrading MAC and PC computers and restyling the public space around the resort-style pool, sun deck and fire pit area. Other amenities include a state-of-the-art, 24-hour fitness center, game room, parking deck and controlled access entry.
About TH Real Estate
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the world’s largest real estate investment managers with $109 billion in assets under management as of 31 December 2017. Managing a suite of funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the company provides access to every aspect of real estate investing.
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.