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| The Park on Morton student housing, Bloomington, IN |
BLOOMINGTON, IN and RALEIGH,
NC — Officials of The Preiss
Company (TPCO), one of the nation’s largest, privately-held, student
housing owner-operators, has formed a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm
of TIAA, one of the world’s largest real estate investment managers, to
acquire The Park on Morton.
The 472-bed student housing community is located
approximately two blocks from Indiana University in Bloomington, Ind.
Preiss will manage the property.
The brick and siding property, located at 710 N. Morton St.,
will undertake selective upgrades to enhance the student experience. “This is
our first joint venture partnership with TH Real Estate, and we look
forward to building on this relationship,” said Donna Preiss,
founder and CEO, the Preiss Company. “It also is our first property
at IU and our second in the state, further solidifying our nationwide student
housing network.”
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| The Park on Morton interior, Bloomington, IN |
Preiss said the property will undertake a substantial upgrade of
the club house and amenity spaces. In addition, a substantial portion of
the units will receive premium upgrades. “The property opened in 2013 and
is in excellent condition,” Preiss noted. “These improvements, along with
our proprietary management systems, are designed to create a higher-value
student experience.
IU-Bloomington continues to experience
dynamic growth, with first-year student levels reaching a record 8,000-plus
enrollees this year, making the need for superior student housing options all
the more important.”
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| Donna Preiss |
Featuring a mixture of one-, two-, three- and four-bedroom units,
The Park on Morton is situated on the western edge of Indiana University’s
Bloomington campus.
It is among the most upscale off-campus
student housing complexes, offering an unparalleled amenity package in the
market. Each fully furnished unit provides a spacious floor plan with
private bathrooms for each bedroom, full-sized washer and dryer, granite
countertops, hardwood flooring and plush carpeting.
Plans call for the community’s clubhouse to
be renovated, including redecorating the study rooms, upgrading MAC and PC
computers and restyling the public space around the resort-style pool, sun deck
and fire pit area.
Other amenities
include a state-of-the-art, 24-hour fitness center, game room, parking deck and
controlled access entry.
For more information, please
contact:
PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC
RELATIONS, INC.
620 Herndon Parkway,
Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289
or
Amy Barger, Vice
President of Marketing
The Preiss Company
(919) 532-1114
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