The Preiss Co. has sold three student housing communities in Raleigh, N.C.
The assets include the 288-bed University Village at 2505, 162-bed Campus West at Tryon and 440-bed The College Inn.
“With the completed sale of these three assets, the company has exceeded $1 billion in transactions during 2019,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “We remain very bullish on the Raleigh market, as evidenced by our recent acquisition of Signature 1505, a 525-bed student housing project located along Hillsborough Street and continue to look for growth opportunities in this market.”
University Village at 2505
Developed by Preiss in 2012, the student housing complex is located at 2505 Red Lodge Place and is proximate to downtown Raleigh, State University and Crossroads in Cary. The upscale, gated community offers four-bedroom, fully furnished, all-inclusive, pet-friendly apartments. Amenities include an upscale clubhouse with 24/7 fitness center, resort-style pool, grilling area, full-service computer lab, free Starbucks coffee bar, study room and beach volleyball court.
Campus West at Tryon
Developed by Preiss in 2014, Campus West at Tryon is located at 5521 Avent Ferry Road on more than 5 and half acres, approximately 1.5 miles from the North Carolina State University Centennial Campus. Rooms feature state-of-the-art finishes, including granite countertops, stainless steel appliances and private bedrooms and bathrooms.
The College Inn
Constructed in 2004, The College Inn is located across from NC State’s campus at 2717 Western Blvd. The student housing community provides roommate matching in fully furnished apartments with all utilities included. The fully gated community offer upgraded units and resident programs including Waffle Wednesday every Wednesday. Amenities include a fitness center, pool with sundeck, community grill and patio, media and game room, tanning bed, and internet cafe. Two-, three- and four-bedroom apartments are available with the option of a private bathroom.
“We plan to reinvest the proceeds from this sale back into our student housing portfolio almost immediately, focusing on additional acquisitions at UNC and Georgia Tech,” said Donna Preiss, founder and CEO, TPCO. “We maintain a deep bench of various housing options for discerning students in the local North Carolina State market. The recent transaction refocuses our goal of expanding our portfolio of affordable, luxury student housing facilities across the country through data-driven market research and in-depth analysis of current and future students’ needs.”
