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| Donna Preiss |
HUNTSVILLE, TX and
RALEIGH, N.C. — Officials of The Preiss Company (TPCO), one of the
nation’s largest, privately-held, student housing owner-operators, in 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, announced the acquisition of the
450-bed student housing complex The Forum at Sam Houston.
Located at 3019 Sam
Houston Ave., in Huntsville, Texas, the garden-style community on nearly 12
acres is less than a mile from Sam Houston State University.
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| Rendering of The Forum at Sam Houston, Huntsville, TX |
The property will
begin a substantial renovation this fall, including upgrades to the clubhouse,
as well as exterior and interior painting. Units will receive new
furniture, flooring and kitchen backsplashes. TPCO will manage the
property and oversee the renovation.
“This is our second
joint venture acquisition with TH Real Estate in the past two months, and we
seek other opportunities to build on our relationship with them,” said Donna
Preiss, founder and CEO, TPCO. “We believe the renovation, new
management and energy we bring to The Forum at Sam Houston will allow us to
increase occupancy for the 2018/2019 school year by as much as 10 percent above
current levels with a target in the mid- to high-90 percent leasing range.”
Built in 2011, the
property features some of the markets’ largest units in studio, one-, two- and
three-bedroom floor plans. All units include private bedrooms and
bathrooms, as well as walk-in closets. The gated community features a
resort-style swimming pool, basketball court, sand volleyball court and
24-hour clubhouse, cyber cafe and fitness center. An outdoor lounge with
fireplace and two pet parks round out amenities.
The property is within
easy biking distance to all university classrooms and athletic facilities, as
well as a large offering of nearby retail and restaurant outlets. In
addition, the property provides private bus service to and from campus.
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| Rendering of The Forum at Sam Houston Student Housing, Huntsvile, TX |
“We are well versed in this market, having acquired a property in Huntsville
with another joint venture partner last year, which is performing quite well,”
Preiss said. “Sam Houston State University’s enrollment has enjoyed an
average of 2.7 percent annual expansion since 2007, and today boasts more than
20,000 students, with strong growth expected to continue. The
supply/demand dynamics for this market are quite positive.
“Based on our current acquisition pipeline, we expect the second half to be
much more active than the first half,” she noted. “We remain quite
positive on the outlook for the industry, especially in our acquisition
profiles of newer, well performing properties; upgrade opportunities, like the
Forum at Sam Houston, and deep turnaround/repositioning situations for
properties 10 years and older.”
operator.
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 Public Relations
The Preiss Company
(919) 532-1114
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