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HomeNewsBusiness WireThe Preiss Company Announces More Than $1.04 Billion in Student Housing and...

The Preiss Company Announces More Than $1.04 Billion in Student Housing and Conventional Transactions

TPCO Completed Seven Acquisitions, Two Third-Party Management Agreements and Two Recapitalizations During 2021

RALEIGH, N.C.–(BUSINESS WIRE)–Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced that the company had completed $1.04 billion in student housing transactions during 2021, making it a record year for TPCO. The transactions include seven acquisitions, two third-party management agreements and two recapitalizations.

“By virtually all measures, from number of acquisitions to total spending, 2021 was a record year for The Preiss Company,” said John Preiss, chief investment officer, TPCO. “The student housing industry was hit early and hard by the pandemic. It also has proven more resilient than most as students and higher learning facilities have adapted more quickly to the realities of a COVID-19 world. We look forward to riding this momentum into 2022 and hope for even better results in the coming year.”

Acquisitions

  1. The 684-bed Collective at Auburn in Auburn, Ala.
  2. The 504-bed Row at the Stadium in Columbia, S.C.
  3. The 203-unit Edition on Oberlin in Raleigh, N.C.
  4. The 264-unit Greens at Tryon Apartments in Raleigh, N.C.
  5. The 847-bed Collective at Lubbock in Lubbock, Texas
  6. The 684-bed Collective at Norman in Norman, Okla.
  7. The 304-unit View at Legacy Oaks in Raleigh, N.C.

Third-Party Management Agreements

  1. 94-bed River Club Apartments in Athens, Ga.
  2. 340-bed River Club Townhomes in Athens, Ga.

“Our management portfolio encompasses management services on both owned assets, as well as third-party assets,” said Adam Byrley, chief operating officer, TPCO. “Our goal as a third-party management partner is to deploy our national, best-in-class operating platform on specific assets where we believe we can add tremendous value. River Club Athens is a great example of an asset where our current experience and winning tradition in the Athens market will help our clients fully execute their business plan.”

Recapitalizations

1. Signature Hartwell Village, a 433-bed property located in Clemson, S.C. Developed by Preiss in 2020-2021 and recapitalized at 99% occupancy in 2021.

2. Eastern on 10th, a 425-bed property located in Greenville, N.C. Developed by Preiss in 2018 and recapitalized at 95% occupancy in 2021.

“Recapitalization of new developments and properties within our existing portfolio remains top-of-mind for TPCO when evaluating our annual business plan,” said Susan Folckemer, chief acquisition and development officer, TPCO. “We are a long-term holder of real estate, and we work closely with all of our partners to determine if recapitalization is an option when considering a sale. We’ve been very successful with that strategy and often recapitalize projects multiple times with different partners.”

New Development Completions and Ground Breakings

  1. Completed construction of Signature Hartwell Village, a 433-bed property serving Clemson University
  2. Began construction on the second phase of the Warehouse, a 227-bed development servicing The University of Chapel Hill with targeted completion date of 2023
  3. Began construction on Nashville, a 105-unit property located proximate to Vanderbilt University and Belmont University on the historic Signature Music Row, with an expected opening date in 2023

“Our development pipeline remains full, and we hope to make additional new development announcements in the coming weeks,” Folckemer noted. “We believe our two-pronged approach of acquisitions and development provides the best road map to meet our target growth goals.”

About The Preiss Company

Celebrating its 33rd year, Raleigh, North Carolina-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 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.

Contacts

Kasey Munsch, Vice President of Marketing

919-706-0668

kasey.munsch@tpco.com

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