Raleigh, N.C. — The Preiss Co. has recapitalized a portfolio of five undisclosed student housing properties. The communities span 3,700 beds and serve students attending The University of Texas at Austin, North Carolina State University, Texas State University, The University of Florida and Indiana University. Details of the recapitalization were not released.
As part of the recapitalization, all five properties will undergo renovations to shared amenity spaces. Planned upgrades include the addition of modern furniture, updated finishes and state-of-the-art fitness equipment. Several properties will also receive unit interior renovations including the addition of modern cabinetry, updated flooring, contemporary fixtures and hardware, new lighting packages and furniture. Technological upgrades are also planned for the portfolio and will include the addition of mobile-first access control with keyless entry, smart climate control thermostats and real-time leak detection systems.
Ryan Lang, Jack Brett and Ben Harkrider of Newmark, in cooperation with locally-licensed Newmark advisors, represented Preiss and joint venture partner Nuveen in the recapitalization. Jordan Roeschlaub, Chris Kramer, Ben Roelke and Peter Griesinger of Newmark also supported the transaction.
“This transaction is a milestone for Preiss and reflects our ongoing commitment to investing in and enhancing top-tier student housing communities,” says John Revington, executive vice president of investments with the Raleigh, North Carolina-based firm. “The recapitalization of these five properties not only reinforces our national presence but also allows us to implement cutting-edge enhancements that will add value to the properties while improving the resident experience.”