The Preiss Co. has signed a management contract to oversee operations for a 1,692-bed student-housing complex, serving Eastern Carolina University and Pitt Community College in Greenville, N.C.
Previously named Captain Quarters, the complex has been rebranded to Paramount 3800 and will undergo a multi-million renovation, which will be overseen by TPCO. The real estate asset, the largest student housing property in the market, recently was acquired by a joint venture between FM Capital, in conjunction with Gottlieb Family Partners, and AMAC Holdings.
“This is our first contract with these experienced joint venture partners, and we look forward to the opportunity to expand that relationship in the future,” said Donna Preiss, founder and CEO, The Preiss Company. “We have nearly two decades of experience operating 1,000-plus-bed properties in multiple markets and have an extensive history in Greenville representing three other properties there, either open or under construction. It’s a great market with a solid growth outlook. Initial response to the makeover/renovation plans by the property’s current residents, as well as those seeking housing for next fall, has been quite favorable. This is a classic turn-around situation, and we anticipate that the renovation and extensive, proprietary operating programs will create high student resident satisfaction and improved financial results.”
The property originally was built in two adjoining complexes in 2004 and 2005. The properties are currently under way on a multimillion-dollar transformation, which immediately will reposition the property into the market’s top tier. The properties encompasses 34 buildings with two clubhouses, computer lab, fitness center, theater room, private and group study rooms, three resort-style swimming pools, sand volleyball courts, and a full-court gymnasium.
