Preiss Company, TH Real Estate JV acquires student-housing complex in Austin

The Preiss Company (TPCO), a privately-held, student housing owner-operator, in a joint venture with TH Real Estate (THRE), an affiliate of Nuveen, the investment management arm of TIAA, a real estate investment manager, has acquired a 464-bed student housing complex, Signature 1909. A price was not disclosed.

“Located in the heart of Austin’s West Campus neighborhood, Signature 1909 already has an unprecedented 500-plus person interest list for the 2019–2020 academic year following its 100 percent prelease for 2018–2019 eight months prior to the building even opening,” said Donna Preiss, founder and CEO, TPCO.  “Preiss continues to seek student housing opportunities in high-demand areas within walking distance of one or more major institutions of higher learning. With Axis West Campus, University Village at Austin and University Estates at Austin, we already have a strong presence in the market, providing us with invaluable insights into what today’s students want and need to have a successful academic career. With West Campus neighborhoods achieving 5.55 percent average rental growth since 2010 and indications that the University of Texas at Austin student enrollment will grow by 5.4 percent by 2020, we believe that Signature 1909 offers tremendous upside for leasing and rental growth.”

Located at 1909 Rio Grande St., in Austin, the 17-story high-rise community is located within easy, three-minute walking distance from University of Texas at Austin and is in the midst of a large offering of nearby retail and restaurant outlets. Completed in fall 2018, the property offers premium one-, two-, three-, four- and five-bedroom open floorplans. Additional amenities include a 24-hour fitness center, two private study rooms with flat screen televisions, large study bar with floor-to-ceiling windows, four lounge areas and two community kitchens. Students also may use the building’s four-and-a-half-story underground parking garage and bike storage.

“Signature 1909 is our third joint venture with THRE, and we continue to seek additional opportunities with them and other well-respected partners with multiple investment objectives,” said Susan Folckemer, Preiss chief acquisitions & development officer.  “The acquisition of this project marks our fourth student-centered apartment community in Austin bringing our current market presence to 3,640 beds.”