Raleigh, N.C. — The Preiss Co. (TPCO) has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina (NC) State University campus in Raleigh.
Located steps away from campus at 3009 ME Valentine Dr., the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage.
While the sales price was not disclosed, Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through a life company lender. The five-year loan features full-term, interest-only payments.
“Valentine Commons has traditionally been more of a ‘transitional’ housing option for freshman moving out of the dorms and venturing into apartment life,” says Adam Byrley, COO of TPCO. “Our business plan is to turn the perception of this asset on its head with top-tier interior unit finishes, brand new amenity spaces and an exciting atmosphere that includes common spaces encouraging socialization and community.” A timeline for the $10 million in planned renovations was not announced.