TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, a real estate investment manager, has formed a joint venture with The Preiss Co. (TPCO), a privately held, student housing owner-operator, to acquire The Park on Morton. A sales price was no disclosed.
The 472-bed student housing community, which opened in 2013, is located approximately two blocks from Indiana University in Bloomington, Ind. Preiss will manage the property.
The brick and siding property, located at 710 N. Morton St., will undertake selective upgrades to enhance the student experience.
This is the two firms’ first joint venture partnership together. It is also TPCO’s first property at Indiana University and its second in the state.
Preiss said the property will undertake a substantial upgrade of the clubhouse and amenity spaces. In addition, a substantial portion of the units will receive premium upgrades.
Featuring a mixture of one-, two-, three- and four-bedroom units, The Park on Morton is situated on the western edge of Indiana University’s Bloomington campus. Plans call for the community’s clubhouse to be renovated, including redecorating the study rooms, upgrading MAC and PC computers and restyling the public space around the resort-style pool, sun deck and fire pit area. Other amenities include a state-of-the-art, 24-hour fitness center, game room, parking deck and controlled access entry.
“These improvements, along with our proprietary management systems, are designed to create a higher-value student experience. IU-Bloomington continues to experience dynamic growth, with first-year student levels reaching a record 8,000-plus enrollees this year, making the need for superior student housing options all the more important,” said Donna Preiss, founder and CEO, The Preiss Company.
