Four-story apartment complex serving NCSU students will receive over $1 million in upgrades by Raleigh real estate company
RALEIGH, NC – January 10, 2012 – The Preiss Company is pleased to announce its recent purchase of The Dail College Inn, a 440-bed, 121-unit apartment property near North Carolina State University. The acquisition—led by John Preiss, Executive Vice President, Susan Folckemer, Executive Vice President Investments, and David Leake—is a joint venture with Heitman.
The Dail College Inn, formerly known as The College Inn, is located at 2717 Western Boulevard—directly across the street from NCSU—and will be managed by Lauren Dalia, with Sara Clark acting as the regional manager. The four-story complex has interconnecting buildings in a “U” formation and is made up of two bedroom/two bath, three bedroom/two bath, four bedroom/two bath, and four bedroom/four bath units. Residents can take advantage of a parking deck with 396 spaces, a clubhouse with business center, outdoor swimming pool with sundeck, deluxe fitness center, picnic area with grills, game room with pool table, and study rooms with computers and printers.
The Preiss Company has been very active in the Raleigh student housing market in the past three months. In addition to The Dail College Inn acquisition, the real estate company is currently developing a state-of-the-art, seven-acre project at UV 2505 (288 beds) and has taken over the management of University Suites (518 beds).
David Leake, who is with The Preiss Company’s Acquisition and Development Team, says that The Dail College Inn is a great addition to the company’s Raleigh portfolio and is nearly 100% leased.
“Our recent acquisition of The Dail College Inn reinforces The Preiss Company’s continued dominance of the NCSU student housing market,” says Leake. “We plan on making this a signature property within our portfolio by investing over $1 million in upgrades to the clubhouse, fitness facility, computer lab, and unit amenities.”
The Preiss Company paid $26.5 million for The Dail College Inn. The seller was the N.C. State Student Aid Association, also known as the Wolfpack Club. Richard Cotton of Multifamily Realty Advisors represented the seller as its exclusive listing broker and advisor. The Jones Lang LaSalle Operations, LLC through Freddie Mac provided the financing.
About The Preiss Company
The Preiss Company is currently the 8th largest owner and manager of student housing in the country and the largest woman-owned student housing owner and provider in the nation. For more information, visit www.tpco.com.
About Heitman
The company is focused on the three areas of real estate that it considers the core of property and capital markets: direct investments in real estate, both in the U.S. and Europe; investments in publicly traded securities, REITs, REOCs and other real estate companies in the U.S., Europe and Asia; and origination and servicing of debt secured by real estate. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Warsaw, Washington DC, Tokyo, Munich, Melbourne and Moscow, Heitman has 250 employees who offer specialized expertise—from a specific discipline to local insight. For more information, visit www.heitman.com.