Raleigh, N.C. — Raleigh-based The Preiss Co. has acquired three student housing properties located in Florida, Indiana and North Carolina in joint ventures with a private equity group.
Acquisitions include 4050 Lofts, a 722-bed community located adjacent to the University of South Florida in Tampa; The Avenue, a 358-bed property serving Indiana University-Purdue University Indianapolis; and Campus West at Tyron, a 162-bed community located near North Carolina State University in Raleigh. Preiss has acquired ten student housing properties year-to-date.
The 4050 Lofts offer three- and four-bedroom units with bed-to-bath parity. The property is set to undergo renovations including exterior upgrades, an updated swimming pool, a new grilling station, furniture and individual unit enhancements in each kitchen.
The Avenue offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a saltwater swimming pool with an outdoor kitchen and grill, restaurants and retail. The property will undergo a substantial renovation including the installation of new 50-inch televisions in each unit, the replacement of corridor carpeting, enhancements to the pool deck, upgraded Internet service and a renovation of the clubhouse.
Campus West at Tyron offers units with bed-to-bath parity, granite countertops, stainless steel appliances and state-of-the-art finishes. The community will not be undergoing a renovation at this time.