Saturday, March 8, 2014

The Preiss Company Moves to Fourth Largest, Privately Owned Student Housing Owner Operator

Donna Preiss
 RALEIGH, NC —The Preiss Company, one of the nation’s largest and fastest growing student housing owners, developers and managers, announced it has been ranked by an independent industry source as the nation’s fourth largest, privately held student housing owner operator in 2013, up from its eighth place ranking in 2011.

“Over the past two years, we have grown from the eighth to fourth largest, non-public student housing company and still see substantial room for additional growth,” said Donna Preiss, company founder and CEO. 

“We and our partners have invested $431 million in the past 18 months.  Last year, the company acquired seven properties, refinanced five existing properties, upgraded six and participated in two developments.  

"We continue to have an aggressive appetite for growth and are working to meet or exceed our record 2013 growth.

“We are bullish on 2014 because we expect it to be a transition year for the industry with the mix of student housing owners changing due to a variety of reasons, the expected increases in interest rates and a substantial number of properties coming to market that require renovation investment capital and strong management, as well as a noticeable number of either newly developed properties or ones that are well along in the process,” she said.  

“We are looking coast to coast with an emphasis on the southern half of the U.S., especially in markets where we have experience and can achieve economies of scale.”

 For a complete copy of the company’s news release, please contact:

Amy Barger, Vice President of Marketing
The Preiss Company
(919) 532-1114

Marcus & Millichap Arranges Sale of 21-Unit Apartment Building in Miami, FL for $3.43 Million

Las Villas Apartments, 626 SW 4th Street, Miami, FL

Victor Pastor

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Las Villas Apartments, a 21-unit apartment property located in the Little Havana submarket of Miami, FL. The asset sold for $3,430,000 representing $163,333 per unit.

Associates Victor Pastor and Rafael Fermoselle, along with Vice President Investments Arthur D. Porosoff of Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer, a private investor from New York, was also secured and represented by Pastor, Fermoselle and Porosoff.

Arthur D.
“The property sold for a record price per square foot in the little Havana submarket.  Demand for hard assets has surpassed 2006 pricing, but the difference is that there are fundamentals supporting this new wave,” says Porosoff.

The new construction property features covered parking, balconies, patios, and beautiful views of Downtown Miami and the Brickell area.

 The unit-mix is composed of nine one-bedroom/one-bath apartments and 12 two-bedroom/two-bath apartments. All units come equipped with porcelain tile throughout, stainless steel appliances, washer and dryer connections, central air-conditioning and open floor plans.

Las Villas Apartments is located at 626 SW 4th Street in Miami, Florida.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

$12 Million Buys Two Manhattan Apartment Buildings

Manhattan apartment buildings, 234 East 88th Street and 518 East 88th Street,
Upper East Side, Manhattan, NY

Peter Von Der Ahe
NEW YORK,  NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two five-story walk-up apartment buildings totaling 40 units on Manhattan’s Upper East Side.  They are 234 East 88th St. and 518 East 88th St.

The buildings sold for a total of $12 million, which equates to $300,000 per unit.

 Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also advised the buyer, Aimco.

            “The new owner has acquired a package of predominately free-market units in one of the most mature and stable rental markets in Manhattan,” says Von Der Ahe. “These buildings will benefit from the New York City’s largest subway expansion in generations, the Second Avenue Subway Project.”

Joseph Koicim
            “With stable cash flow in place, the properties will provide a strong immediate return,” adds Koicim. “The five rent-stabilized apartments and the possibility of converting the one-bedroom units into junior two-bedroom apartments are long-term upsides.”

            The building at 234 East 88th St. is located between Second Avenue and Third Avenue and features approximately 16,000 square feet of air rights.

The 518 East 88th St. property is between York Avenue and East End Avenue. It has approximately 1,000 square feet of air rights. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.

David Lloyd
Thirty-five of the units have been deregulated. The common areas for both buildings have been completely renovated and three one-bedroom units have been converted to junior two-bedroom apartments and improved with granite countertops, washers, dryers and video intercom systems.

For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager
(925) 953-1716