The Preiss Company and Nuveen Real Estate Announce Joint Venture Acquisition of 525-Bed Signature 1505 Student Housing Community
Thursday January 24, 2019
Former Theory Raleigh Marks Fourth Joint Venture Project Between Two Companies
RALEIGH, N.C.--(BUSINESS WIRE)--Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in a joint venture with Nuveen Real Estate, the investment management arm of TIAA, one of the world’s largest real estate investment managers, today announced the acquisition of the 525-bed Signature 1505. Serving more than 5,000 students in 17 properties throughout the Raleigh market, TPCO has been the largest off-campus provider of purpose-built student housing for North Carolina State University (NCSU) for over 20 years.
“Following our recent joint venture acquisition of The Estates at San Antonio, this marks our second deal in January,” said Adam Byrley, chief operating officer, TPCO. “Much of the diligent work we began last year looks likely to come to fruition over the coming months, and we project 2019 will be a record growth year for us. We look forward to expanding our relationships with best-in-class partners like Nuveen Real Estate as we pursue our aggressive growth goals.”
The student housing community offers several room configurations, including one-, two-, three- and four-bedroom apartments, all with private bed/bath suites. Each apartment provides upscale finishes, including granite countertops, stainless steel appliances, hardwood-style flooring and contemporary light fixtures. All suites also include a full-sized washer and dryer, modern furniture package and 50” Smart TV. Additional amenities include a resort-style pool, state-of-the-art fitness center and 24/7 study and conference areas. Located on Hillsborough Street adjacent to the YMCA, Signature 1505 is just a two-minute walk to NCSU and is close to the entertainment centers in Glenwood South and Cameron Village.
“Having just opened for the Fall 2018 semester, the Signature 1505 remains the newest student housing community for the Raleigh marketplace,” noted Donna Preiss, founder and CEO, TPCO. “With four additional properties in Raleigh, we are able to easily create economies of scale and systems for sharing best practices. We are familiar intimately with the market, and perhaps more importantly, we know and understand what today’s student body requires to have a successful and fulfilling academic career.”
About The Preiss Company
Celebrating its 32nd 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.