RALEIGH, NC – Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced the continuation of its robust growth plot with its first two joint venture acquisitions of 2017, the 760-bedroom GrandMarc at University Village (proximate to The University of California, Riverside), and the 416-bedroom Gateway at Huntsville (near Sam Houston State University).

Both purpose-built, student-housing properties were bought in separate joint ventures for undisclosed amounts from different private investment groups. TPCO will operate the facilities, as well as oversee renovations and upgrades.

“These acquisitions reflect our continued drive for nationwide expansion,” said Donna Preiss, founder and CEO, The Preiss Company. “Our portfolio has more than doubled in size to more than 50 properties over the past five years. Both of these complexes reflect the profile we seek: quality assets near large universities that are experiencing rapid enrollment growth. In addition, we see opportunities to enhance these properties with upgrades and installation of our proprietary, student-focused management systems.

“This is our second student housing complex in California and our seventh in Texas,” she commented. “Both campuses are new to our portfolio, and the outlook is quite positive for continued enrollment development and strong student housing demand at these schools. We also expect to achieve economies of scale in operations at both properties.”

GrandMarc at University Village

The GrandMarc at University Village is located on nearly 12 acres at 3549 Iowa Ave., about five minutes from the UC Riverside campus and across the street from the University Village retail center. The complex consists of six, four-tale stucco buildings. Suite configurations include one-, two- and three-bedroom layouts, each with its own separate bedroom and bath. Each fully furnished suite includes a patio or balcony, full-sized washer and dryer combos, laminate countertops and a full kitchen appliance package.

The upscale, gated property is one of only five purpose-built facilities serving UC Riverside and features a resort-style swimming pool and spa, outdoor grilling station and basketball court. A recently renovated club house offers study and meeting rooms, game room with billiards and table tennis, theater room, 24-hour fitness center and tanning beds. A UC Riverside Point-to-Point Shuttle and Riverside Transit Agency Trolley Stop at the property provides convenient transportation. Preiss will install cutting-edge technology improvements, including installing the highest rated WiFi speed and program improvements that make online leasing and rental payments simpler and quicker, as well as enhancing social media connectivity.

TPCO is in the initial phase of reviewing opportunities to further enhance the property’s exterior and interior spaces. The company also has implemented its proprietary management system that focuses on its student residents’ needs.

Gateway at Huntsville

The 160-unit student housing complex, comprising 416-bedrooms/bathrooms, is located at 5050 Sam Houston Avenue. Situated on an approximate 12-acre site, the property features six, four-tale buildings, a swimming pool and basketball and volleyball courts.

TPCO will manage and oversee an extensive renovation of the property. The refurbishment program will commence this spring and includes upgrading more than half the units with new flooring, microwaves and furniture. All bedrooms will receive new mattresses, kitchen sinks and desk chairs. The clubhouse will be updated with new computer and fitness rooms and refreshed with new decor.

Technology will receive major attention with the installation of state-of-the-art, property-wide WiFi, as well as programs to enhance online leasing, online rental payments and social media capabilities. Extensive enhancements will be completed to the exterior, such as roof replacement, new HVAC units, patio furniture, grilling station, painting and landscaping. Located approximately one mile from campus, TPCO also will upgrade the Gateway at Huntsville’s shuttle and provide complementary service to and from campus.

“The acquisition market remains quite attractive. We are looking selectively at development opportunities, especially in markets with high barriers to new competition,” Preiss said. “Historically attractive financing with the potential for improved operating returns continues to attract considerable interest from both existing and new investment groups with whom we are working. An extensive national acquisition pipeline, along with development opportunities, point to a strong, upbeat 2017 for our company. It is hard to project when deals will come to market and be consummated, but based on our current activity, the first half of 2017 is shaping up to be quite active.”

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JACKSONVILLE, FL – Robbins Electra, a national multifamily owner-operator with a large portfolio of apartment communities across the Southeastern U.S, has announced the acquisitions of three multifamily properties in Georgia and Florida: Marbella Place, located in Stockbridge, Ga.; Vue at Baymeadows, located in Jacksonville, Fla.; and Palm Trace, located in Jacksonville, Fla. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.

“Our investment team continues to pursue strategic value-add investments in the southeastern U.S., where job and population growth supports attractive risk-adjusted returns in the multifamily space,” said Joe Lubeck, CEO of Robbins Electra. “These three acquisitions exemplify this approach, with which we have had a 25-year track record of success.”

Marbella Place (formerly known as Cameron Landing) is a 368-unit apartment community located in the Atlanta suburbs composed of one-, two- and three-bedroom apartments with average monthly rents of approximately $831. Community amenities include a clubhouse, pool, fitness center, business center, garages and gated entry. Robbins Electra will invest just under $2 million in upgrades to the property, including renovations to kitchens, floors and lighting, and the addition of a washer and dryer in every unit. The property is located at 3470 Mount Zion Road and is currently 93% occupied.

The Vue at Baymeadows (formerly known as Grand Isles at Baymeadows) is a 352-unit apartment complex located in Jacksonville composed of one- and two-bedroom apartments with average monthly rents of approximately $779. Located at 8335 Freedom Crossing Trail, the community amenities include a swimming pool, dog park, fitness center, business center and clubhouse. The property will undergo a $2.2 million renovation to upgrade interiors, including new lighting and plumbing fixtures, and the addition of a washer and dryer to each unit. Exterior enhancements will include landscaping, clubhouse and pool area upgrades, as well as plank flooring in common areas. The property is currently 96% occupied.

Palm Trace (formerly known as Fountain Oaks), a 160-unit apartment complex located in Jacksonville, is made up of one- and two-bedroom apartments with average monthly rents of $700. Amenities include a clubhouse, business center, swimming pool and dog park. Robbins Electra will carry out a property renovation to improve plumbing fixtures and lighting, along with enhancements to kitchens and window treatments.  Located at 6870 103rd Street, the community is currently 95% occupied.

Robbins Electra is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, Maryland, North Carolina, Texas and Virginia. 

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DENVER, CO – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of two multifamily properties in the Denver market, Helios Apartments in Englewood, CO and Centennial Park Apartments in Aurora, CO.

Helios is a 258-unit multifamily property centrally located in the Denver Tech Center, the largest employment center in metropolitan Denver. Less than one-mile from the Belleview Light Rail Station, the property offers residents convenient access to the Belleview Promenade as well as many other notable retail outlets and restaurants. Constructed in 2015, the asset consists of one, five-tale building with one- and two-bedroom units ranging in size from 642 square feet to 1,367 square feet. The community features a pool with landscaped sun-decks, an outdoor living area with a fireplace, gas barbecue grills, a dog run, and a state-of-the-art fitness center. Apartments offer 9′ and 10′ ceilings, wood-vinyl plank flooring, washers and dryers, granite counters, stainless and black appliances, and gourmet kitchens with islands. Select units offer private patios and balconies.

Centennial Park, built in 2001, contains 216 one-, two-, and three-bedroom units ranging in size from 685 square feet to 1,230 square feet. Units boast 9′ ceilings, crown moldings, private balconies or patios, walk-in closets, and full size washer/dryers. The property also offers a recently renovated clubhouse with an outdoor resort-style swimming pool, grilling station, fitness center, business center, and lounge area with a gourmet kitchen and billiards. Centennial Park is centrally located in Denver South, the largest employment hub in Denver with over 20,000 companies and more than 200,000 employees. Centennial Park’s superior location along the Piney Creek Trail, which connects to the Cherry Creek Trail, provides residents with brilliant access to the surrounding area of Arapahoe County. Nearby amenities include the Denver Tech Center, Greenwood Plaza, Inverness Business Park, and Meridian International Business Center, with Fortune 500 companies like Arrow Electronics, Liberty Media and EchoStar.

The net migration into Denver has been amongst the strongest in the nation over the past 5 years. Since January 2013, 27 companies have announced headquarter relocations and/or facilities expansions in the region. Recent expansions and relocations in the area include TopGolf International, which opened a 65,000 square-foot facility in Centennial in February 2016, and the 578-acre Anschutz Medical Campus and Fitzsimmons Innovation Campus, a $5.2 billion project expected to bring 43,000 new employees just 15 minutes from Helios.

“Both properties were built to a very high standard and are located in the coveted Denver South Metro area which contains a diverse employer base. The Denver Tech Center Business Corridor currently has over 1.2 million square feet of office space either under construction or in the plotting stage,” said Peter Calatozzo, Managing Director for The Praedium Group. “With Denver’s expansion of its mass transit system, both assets will also benefit from 122 miles of rail along six new lines,” added Calatozzo.

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