Raleigh Real Estate Company plans $1M in cap ex to enhance and update 90’s apartment property
RALEIGH, NC – January 13, 2010 – The Preiss Company (“TPCO”), specializing in the development, acquisition, and management of off-campus student housing, is pleased to announce its first student housing acquisition in Georgia—University Village at Southern. The acquisition was headed by company Vice President of Business Development, John Preiss and was financed by Midland Bank. Colton Lassinger of TPCO will be managing the property.
University Village at Southern, formerly known as Bermuda Run, is a 532-bed apartment property located ½ mile from Georgia Southern University. The community is located at 100 Bermuda Run in Statesboro, GA and offers two-bedroom/two-bathroom, three-bedroom/three-bathroom, and four-bedroom/four-bathroom units, as well as 2-bedroom/2-bathroom townhomes. Amenities include two sparkling pools, sand volleyball court, basketball court, clubhouse with two gaming stations, computer lab, and pool table. TPCO is planning $1 million in capital expenditures to enhance the property built in the early 90’s. Improvements will include a new gym, new roofs and decks, HVAC units, and new water heaters.
Preiss says that TPCO was attracted to the property by its proximity to campus (within walking distance) and available financing. He adds that his company is overcoming the challenges that come with buying an older property by investing in substantial property improvements, as well as reducing its rental price in order to be the “low-cost provider”.
“We are really excited about this property,” says Preiss. “University Village at Southern not only adds another state to our portfolio, but we were able to purchase this property for almost half of what it appraised for in 2004. We feel with our management, this property will be a home run.”
About The Preiss Company
Founded in 1987 by Donna Preiss, The Preiss Company employs over 200 team members and is largest provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, Coastal Carolina University in SC, and the University of Texas in Austin and the second largest provider at UNC Charlotte. TPCO 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 23rd year, the company has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. TPCO was awarded the Steady Growth and Profitability Master Award by the Greater Raleigh Chamber of Commerce in 2009 and its South Carolina property was recently featured by Apartment Finance Today as one of the publication’s “13 Most Creative Deals of 2009”. For more information, visit www.tpco.com.