Raleigh, N.C. — Seven-acre, $13 million housing property serves N.C. State students.
Raleigh, N.C. — The Preiss Company has broken ground on its newest off-campus student housing property in Raleigh. University Village 2505 is located at 2505 Red Lodge Place and will serve the students of North Carolina State University (NCSU). The property was purchased for $1.2 million and was financed by RBC. Development cost is $13 million.
Located just 1.5 miles from NCSU, University Village 2505 will be a fully-gated 288-bed, 72-unit apartment community. All units will feature 4 beds and 4 baths with features such as granite counters, faux hardwood floors, stainless steel appliances, and furniture. Units will range from 1,453 to 1,474 square feet for non-patio units to 1,524 to 1,545 for patio options. The seven-acre property will also offer residents an 8,000-square-foot clubhouse — available 24-hours a day — featuring a pool, fitness center with state-of-the-art cardio equipment, two tanning beds, outfitted resource center, and basketball court.
— Dan Marcec