Preiss-Centaline Venture Buys Student Housing Complex in San Antonio
Wednesday January 16, 2019
The Raleigh, NC-based student housing owner-operator purchased the 288-bed, 58-building complex located less than two miles from the University of Texas—San Antonio, in partnership with Hong Kong-headquartered investment firm Centaline Investment Management Co.
SAN ANTONIO—The Preiss Company continues its student portfolio expansion in Texas with the purchase of The Estates at San Antonio student housing complex here.
The Raleigh, NC-based student housing owner-operator purchased the 288-bed, 58-building complex located less than two miles from the University of Texas—San Antonio, in partnership with Hong Kong-headquartered investment firm Centaline Investment Management Co. No financial details of the transaction were disclosed.
The new owners of the property at 6515 Hausman Road say they will begin a multi-million refurbishment program at the property that will be focused on the clubhouse and amenity spaces. The property features 104 units in cottage-style two-story buildings. The unit offerings involve a variety of layouts, including two-bedroom/2.5 bath, three-bedroom/3.5 bath and four-bedroom/4/5 bath units. The Preiss Co. will manage the property.
“We remain bullish on the Texas university marketplace and are pleased to add our first student housing community serving the UTSA market,” says Adam Byrley, chief operating officer of the Preiss Co. “This marks our seventh community in the I-35 Corridor between Austin and San Marcos, creating numerous economies of scale and the ability to share best practices. Following its multi-million refurbishment, we are confident that The Estates at San Antonio will take its rightful place as the market leader.”
The average size of a unit is 1,712 square feet and each unit provides a first-floor powder room, granite tile kitchen countertops, stained concrete flooring, modern light fixtures, full-size washer and dryer and patio/balcony. Additional community amenities include a large, resort-style pool, sand volleyball court, private campus shuttle, grilling/picnic stations and 24-hour fitness center.
The property is within biking distance to all university classrooms and athletic facilities, as well as a large offering of nearby retail and restaurant outlets, TPCO officials state.
Donna Preiss, founder and CEO of the Preiss Co. says that the University of Texas—San Antonio currently has an enrollment of more than 30,500 students, which she notes puts UTSA well on its way to being designated a Tier 1 University.
Back in September the Preiss Co., in a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA acquired the 464-bed student housing complex, Signature 1909 in Austin.
In July, the Preiss Co. purchased the 450-bed student housing complex The Forum at Sam Houston, in another joint venture with TH Real Estate. The complex is less than a mile from Sam Houston State University.