The Preiss Company’s Donna Preiss Stresses Rehab at 2008 NMHC Conference
Residential real estate leader uses most recent company refurbishment to illustrate value add through rehab
RALEIGH, NC – November 4, 2008 – Donna Preiss, Founder and CEO of The Preiss Company, recently presented at the 6th Annual National Multi Housing Council Student Housing Conference. The event, the longest-standing student housing conference, was held on September 22 at The Mandarin Oriental in Washington, DC.
Preiss’ presentation was entitled “Value Add Through Rehab” and provided attendees with a history of multi-family value add and explained why rehab is a valuable present-day concept. Preiss’ talk also incorporated TPCO case studies that illustrated the importance of rehab, with emphasis on the company’s most recent project—a $5 million refurbishment of University Estates of Austin.
“Through extensive market research, The Preiss Company has determined that there is indeed a value add through rehab,” explains Preiss. “Increased demand for quality living coupled with the low supply of quality living and the high cost of new construction make rehab a good business practice and sound financial investment.”
The refurbishment of University Estates of Austin represents one of the largest rehab projects for TPCO. Exterior work on the property began in April 2008 and included new signage on buildings, repair to entry sign columns, and new gutters. Work inside and outside the clubhouse area began in May and have been extensive. The Clubhouse was nearly gutted and furnished with new furniture, new game tables, brand new fitness equipment, a new rubber fitness floor, and new Flat screen TV’s in the game room. The clubhouse exterior was upgraded with new cabana-style fans in the breezeways, new outdoor furniture, new outdoor chairs in the pool area, new lighting sconces around the clubhouse, and new lighting around the pool and entryway.
“The work we did at University Estates of Austin reinforces The Preiss Company’s commitment not only to our residents, but to our environment as well,” adds Preiss. “By maintaining the original structure of the property and instead focusing on property and facility upgrades, we were able to reduce construction waste while not compromising on resident comfort and property improvement. We’re proud of our accomplishments at University Estates of Austin and will use our efforts here to set the standard for furture rehab projects.”
The NMHC Student Housing Conference is designed to shorten the learning curve for newcomers and to provide seasoned student housing professionals with an overview of current market conditions and emerging trends. The annual event has become a “must attend” event for anyone interested in student housing. The event brings together leading owners, developers, lenders, brokers and university partners. Topics to be covered at this year’s conference include the state of the industry, recent deals, technology and student housing, capital market conditions, building or rehabilitating student properties, and “do’s and don’ts” from the student’s perspective.
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. TPCO is 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. 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.
About National Multi Housing Council
Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers. Nearly one-third of Americans rent their housing, and over 14 percent live in a rental apartment. For more information, contact NMHC at (202) 974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s web site at www.nmhc.org.