The Preiss Company (“TPCO”), one of the largest off-campus student housing providers in the nation, has announced the addition of University Village at Slippery Rock to its expanding student housing portfolio.
TPCO has been hired by property owner Oculus Capital Group (OCG) in Washington, DC to provide third-party management services to the apartment community located at One Vineyard Circle in Slippery Rock, PA and serves the students at Slippery Rock University. This award marks the company’s first student housing presence in Pennsylvania.
University Village at Slippery Rock, formerly known as The Ivy, is a 632-bed, 200-unit property located a quarter of a mile from Slippery Rock University. The property offers two-bedroom, two-bathroom and four-bedroom, four-bathroom units. All units are equipped with stainless steel appliances, brushed nickel fixtures, leather furniture, and hardwood cabinetry. In addition, OCG is investing $700,000 in additional property improvements including additional lighting, landscape improvements, and additional parking.
OCG purchased the property for just under $23.6 million over the summer after the property went into bankruptcy last year. The apartment facility was originally constructed in 2007 at a cost of $35 million. OCG said they are also planning to install new sports amenities including a sand volleyball court, as well as a sports court with basketball hoops. They also plan to re-do the existing clubhouse and expand the fitness center. University Village Property Manager, Anthony Magnelli, says that all of the improvements will serve to make the apartment community more desirable for residents.
“I’m really excited about the changes that Oculus has made to University Village,” says Magnelli. “In particular, the expanded parking area solves a problem that has plagued residents and visitors for a long time. These improvements set us apart even further from our competitors and reinforce our commitment of providing the best student living experience anywhere.”
Magnelli says that one of the things that TPCO does so well is helping residents connect with one another in order to create a real community. The property has already hosted a welcome back party with a pig roast, DJ, all-day tournaments, and gift cards. Magnelli also says that his team plans on providing a party or event for residents at least once a week, as well as a bigger party every month.
TPCO has been offering owners, lenders, and developers of student housing assets a third-party property management platform for several years. This latest effort was managed by TPCO Executive Vice President of New Business Development John Preiss. Preiss says that third-party property management is a good business direction given the current economic climate.
“We feel with the economy the way it is today, our biggest opportunity to grow The Preiss Company is in third-party management,” explains Preiss. “While we are still doing property acquisitions, third-party management is a way we can grow at a faster pace. We have the bandwidth to take on more properties and will continue to aggressively seek these opportunities in the future.”
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO is one of the largest off-campus student housing providers in the nation and employs over 250 team members. TPCO is the leader in the development of new technologies, tools, and strategies for the student housing industry and acts as a receiver for several national banks. In its 23rd year, the company has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. For more information, visit www.tpco.com.