$1M in cap ex pays off for real estate company’s first acquisition in Georgia student housing market
RALEIGH, NC – June 4, 2010 – The Preiss Company’s first student housing acquisition in Georgia—University Village at Southern—was recently featured in Connect Statesboro. The article, entitled “There is Sunshine”, was written by editor, Mary-Kate Roan, and describes the recent transformation of a property that in recent years has suffered bad publicity and bankruptcy.
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. The Preiss Company purchased the property in January 2010 and has since invested $1 million in capital expenditures to enhance the property built in the early 90’s. Improvements included a new gym, new roofs and decks, HVAC units, and new water heaters.
According to property manager, Colton Lassinger, when University Village at Southern was purchased, the property was 47 percent occupied. At present, the property boasts an 87 percent occupancy rate for next year with a 62 percent renewal rate. Assistant property manager, Jessica Ragsdale, says that more improvements are in store for the property and its residents.
“We’re going to have a residence center where the maintenance shed was,” said Ragsdale in the article. “[University Village at Southern] will have a 24-hour fitness center, computer lab, and game room. It will also have tanning beds which will operate during our office hours.”
Lassinger adds that the property will “ease [residents’] living or apartment search” by adding a concierge desk in the leasing office which will provide information to prospective residents and a venue for current residents to place work orders. “Residents say that customer service has improved,” says Lassinger. “We make sure they’re well taken care of.”
University Village at Southern offers residents premium packages. These apartments come in two-, three-, and four-bedroom units and offer hardwood floors, marble kitchen countertops, and updated accessories. Ragsdale says that with the growing popularity of these higher-end units, the company could convert every unit into premiums. “It all depends on demand”, says Ragsdale.
Connect Statesboro is a weekly entertainment and alternative news weekly that focuses on issues surrounding young adults. The publication caters to 18- to 30-year olds—from students to young professionals in Bulloch County. To view the article in its entirety, visit http://www.connectstatesboro.com/news/article/1745/.
About The Preiss Company
Founded in 1987 by Donna Preiss, The Preiss Company specializes in the development, acquisition, and management of student housing. The company employs over 200 team members and is one of the largest providers of off-campus student housing in the United States. TPCO is the leader in the development of new technologies, tools, and strategies for the student housing industry and also 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.