Third Joint Venture Acquisition in Last Six Months
Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in a joint venture with TH Real Estate (THRE), an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, today announced the acquisition of the 464-bed student housing complex, Signature 1909.
“Located in the heart of Austin’s West Campus neighborhood, Signature 1909 already has an unprecedented 500-plus person interest list for the 2019/2020 academic year following its 100 percent prelease for 2018/2019 eight months prior to the building even opening,” said Donna Preiss, founder and CEO, TPCO. “Preiss continues to seek student housing opportunities in high demand areas within walking distance of one or more major institutions of higher learning. With Axis West Campus, University Village at Austin and University Estates at Austin, we already have a strong presence in the market, providing us with invaluable insights into what today’s students want and need to have a successful academic career. With West Campus neighborhoods achieving 5.55 percent average rental growth since 2010 and indications that the University of Texas at Austin student enrollment will grow by 5.4 percent by 2020, we believe that Signature 1909 offers tremendous upside for leasing and rental growth.”
Located at 1909 Rio Grande St., in Austin, Texas, the 17-story high-rise community is located within easy, three-minute walking distance from University of Texas at Austin and is in the midst of a large offering of nearby retail and restaurant outlets. Completed in fall 2018, the property offers premium one-, two-, three-, four- and five-bedroom open floorplans. All units include private bedrooms and bathrooms, as well as in-unit laundry. The controlled-access building features a rooftop pool with infinity spillover pool and ample lounge seating, picnic lounge and built-in “Instagram Frame” showcasing the aerial view of campus for the perfect selfie. Additional amenities include a 24-hour fitness centers, two private study rooms with flat screen televisions, large study bar with floor-to-ceiling windows, four lounge areas and two community kitchens. Students also may use the building’s four-and-a-half story underground parking garage and bike storage. Outdoor grill stations, 24/7 package pickup and access to free tanning round out amenities.
“Signature 1909 is our third joint venture with THRE, and we continue to seek additional opportunities with them and other well-respected partners with multiple investment objectives,” said Susan Folckemer, Preiss chief acquisitions & development officer. “The acquisition of this project marks our fourth student-centered apartment community in Austin, Texas, bringing our current market presence to 3,640 beds.”
About TH Real Estate
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the world’s largest real estate investment managers with $109 billion in assets under management as of 31 December 2017. Managing a suite of funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the company provides access to every aspect of real estate investing.
About The Preiss Company
Celebrating its 30th year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 largest, privately-held, student housing owner-operator. For more information, visit www.tpco.com.