Real Estate group responds to growing market requests for outsourced property management solutions
RALEIGH, NC – March 31, 2008 – The Preiss Company (“TPCO”), the largest provider of off-campus student housing at North Carolina State University, Clemson University, UNC Charlotte, and the University of Texas in Austin, has announced plans to begin offering owners, lenders, and developers of student housing assets a third-party property management platform. The effort will be spearheaded by the company’s Acquisition and Development (A&D) Team and is in response to growing requests from several of TPCO’s institutional relationships.
The A&D Team is headed by Susan Folckemer, CPM, Executive Vice President of Acquisition & Development, and includes key team members Dan Leff, John Preiss, Alexis Lambeth, and Kyle Barger. The team represents over 80 years’ of real estate experience with over $310 million in student housing development and acquisitions.
TPCO founder and CEO, Donna Preiss, said that this recent service offering is in response to a changing economy, as well as the efficiencies and value that aggregate property management can provide. Additionally, third-party property management services is consistent with the company’s overall mission of enhancing the college experience for their student residents by providing a superior environment that promotes both social and academic growth.
“Student housing is still a very fragmented industry”, explains Preiss. “In markets where we currently serve, there are operational efficiencies that The Preiss Company could pass onto other [property] owners. We also have several programs that we could transport to other properties, such as our extensive sports marketing program, our “Green Initiative”, our rent optimization and rent tracking tools, our social activities platform, and our technology platform. With our property management experience and proven results, The Preiss Company is ready and able to provide this valuable service to financial institutions and other owners of student housing.”
TPCO has been building long-term relationships with both property owners and tenants for over 20 years. The company currently manages over 8,000 beds and has a strategic joint venture with Harrison Street Real Estate Capital (“HSRE”) to acquire and develop over $100 million of student housing complexes throughout the Southeast. TPCO recently partnered with HSBC Real Estate Equity Partners (USA), L.P. to purchase University Estates at Austin, a 1,548-bed apartment property located within three miles of the University of Texas.
TPCO provides full-service property and asset management services for single-family homes, as well as multiple units such as duplexes, townhouses, apartments, and condominiums. With their third-party property management platform, some of the services they will provide include preparation and completion of relevant rental contracts and forms, property advertising and marketing, rent analysis and planning, and complete monthly accounting and year-end tax statement preparations.
About The Preiss Company
Founded by Donna Preiss, TPCO employs over 130 team members and provides a wide range of services including acquisition, property management, disposition, development, and consulting for multi-family real estate investments. Beginning its 21st 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.