Property is Raleigh real estate company’s first footprint on the coast
RALEIGH, NC – January 30, 2009 – The Preiss Company (TPCO), the largest provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, and the University of Texas in Austin and the second largest provider at UNC Charlotte, is pleased to announce its recent purchase of University Village at the Coast, a 436-bed apartment property located three miles of Coastal Carolina University in Myrtle Beach, South Carolina. The acquisition was made by TPCO’s Acquisition and Development (A&D) Team and led by company Vice President of Business Development, John Preiss.
University Village at the Coast, formerly known as Campus Pointe at Myrtle Beach, is located off of Chanticleer Village Drive in Myrtle Beach. The property’s 148-unit, three-bedroom apartments feature large eat-in kitchens, laundry rooms, and a separate living area. University Village at the Coast also offers a full-range of amenities including fitness center with cardiovascular equipment and circuit training, state-of-the-art computer center, movie theater with stadium seating, resort-style pool with sundeck and stereo system, clubhouse with lounge, sand volleyball, gymnasium with indoor basketball courts, and game room with billiards room and foosball.
University Village at the Coast represents TPCO’s first acquisition in the Myrtle Beach area. The Raleigh real estate company is currently the 12th largest off-campus student-housing provider in the nation with over $350,000,000 in student housing property and acquisition. Preiss says that this recent acquisition reinforces his company’s goal of increasing their overall national footprint in the student housing market.
“Every market creates an opportunity and the South Carolina market is no exception,” says Preiss. “We’re pleased with our current acquisition and look forward to our presence in Myrtle Beach. Student housing continues to be a sound investment and we anticipate a busy 12 months.”
RBC Centura provided financing for the acquisition.
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO employs over 145 team members and provides a wide range of services including acquisition, property management, due diligence, construction management, development, and consulting for multi-family real estate investments. Beginning its 22nd year, TPCO has formed over 50 partnerships and has been the developer or co-developer of over 20 projects stretching from Texas to Maryland. For more information, visit www.tpco.com.