The Preiss Company Continues Western Expansion; Named Manager of the Vista Student Housing Complex at Boise State University

  

Donna Preiss

 BOISE, ID and RALEIGH, NC -- Officials of The Preiss Company, the nation’s fourth largest, privately held student housing owner,

announced that it continues its strategy to expand further into the Western U.S. after being named manager of the 539-bed Vista student housing complex at Boise State University. 

The complex is comprised of two buildings, Vista East and Vista West, which are located across the street from campus and each other, and currently are under construction and scheduled to open for the fall 2015 semester.

Vista East Student Housing Complex, 1105 LaPointe Street
at Boise State University, Boise, ID

“We continue to have an aggressive appetite to add properties throughout the country, both as a third-party manager and as an investor,” said Donna Preiss, founder and president of The Preiss Company. 

“These properties expand our portfolio to three in the Western U.S. and mark our seventh third-party management contract in the past two months.

“ We are in active negotiations for other contracts on the West Coast and expect to add to our portfolio by year-end.  We are focusing on smart growth and have grown our third-party property management portfolio by 30 percent this year.”

Vista West student housing, 1570 Lusk Place, Boise, ID

Average monthly rents for The Vista will be $680 per month.  Additional information for both properties is live on The Vista website at www.vistaboise.com.

 Vista East, located at 1105 La Pointe Street, offers studio, one-, two- and three-bedroom layouts. 

 All suites have private bedrooms, bathrooms, full-sized washers and dryers.  Among the amenities are a state-of-the-art fitness center, media lounge, study lounge, grilling area, hot tub, games area and café lounge. 

Vista West is located across the street from campus at 1570 S. Lusk Place.  

The building will offer studio, two- and four-bedroom options, each with private bedrooms and bathrooms, as well as full-sized washers and dryers. 

 Amenities will include a study lounge, fitness center, media lounge, games area, outdoor movie theatre, hot tub, café lounge and dog walk area. 

  For more information, visit www.tpco.com.  

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

Amy Barger

Vice President of Marketing

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

HFF arranges $85 million financing for mixed-use portfolio in New York’s Meatpacking District

Meatpacking District of New York City, NY, West 14th Street and Ninth Avenue

Jennifer L. Keller

NEW YORK, NY  – HFF announced it has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 square feet of retail and 82 residential rental units in New York’s Meatpacking District.

                HFF worked exclusively on behalf of the borrower, a joint venture between Tavros Holdings LLC and Arel Capital, to secure the floating-rate loan through Blackstone Mortgage Trust.  

Loan proceeds were used to acquire the property.

 In a separate transaction, HFF’s Eric Anton arranged the sale of the transaction while he was with Brookfield Financial.

                The portfolio is situated on an 18,453-square-foot lot at the corner of West 14th Street and Ninth Avenue near Chelsea Market, High Line Park, Google’s New York headquarters, the new Whitney Museum and Hudson Yards. 

The residential component of the property is 100 percent leased and is comprised of three buildings containing a total of 59 studio, 18 one-bedroom and five two-bedroom units. 

Eric Anton

The retail component is leased to tenants such as Scarpetta, The Diner, Le Pain Quotidien, L’Occitane and Solstice Sunglasses.

 More than 200 feet of total retail street frontage faces the triangular Ninth Avenue Public Plaza, a notable pedestrian space created in the middle of Ninth Avenue.  The portfolio also includes available development rights along West 15th Street.

The HFF team representing the borrower was led by managing director Steven Klein and director Jennifer Keller.

“The high-quality portfolio’s irreplaceable location at the heart of the historic Meatpacking District represents one of the most sought-after retail and residential submarkets in Manhattan.

Steven Klein

“The in-place vacancy and below market rents in both the residential and retail components of the transaction presented the borrower with a very appealing and unique opportunity,” said Klein.

Tavros Holdings LLC is a privately-owned real estate investment management and development firm with offices in New York City.  For more information, visit www.tavroscapital.com.

Arel Capital is a real-estate focused investment company, formed in January of 2013.  The firm focuses on investing and developing $50 to $200 million multifamily properties, located in the top 10 U.S. metropolitan areas. For more information, visit www.arelcapital.com.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) is a real estate finance company that primarily originates senior mortgage loans collateralized by properties in the United States and Europe.   Further information is available at www.bxmt.com.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures $29.66 million financing for Class A multi-housing community in Cary, NC

Matthew Schoenfeldt

CHICAGO,  IL – HFF announced it has arranged $29.66 million in financing for Tradition at Stonewater, a 351-unit, Class A multi-housing community in Cary, North Carolina.

                Working on behalf of the borrower, Banner Apartments, LLC, HFF placed the seven-year, fixed-rate loan with Allianz Real Estate of America, Inc.  Proceeds were used to acquire the property.

                Tradition at Stonewater is located at 12000 Wisdom Drive approximately 35 minutes northwest of downtown Raleigh and near major employment centers such as Research Triangle Park and Duke University & Medical Center. 

Completed in 2008, the property is 93.4 percent leased and includes 351 units averaging 1,016 square feet each.  

Jason Bond

Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.

The HFF debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and associate director Jason Bond along with senior managing directors Travis Anderson and Ryan Clutter.

Banner Apartments, LLC and its affiliates (“Banner”) is a fully integrated real estate operating company based in Northbrook, Illinois that focuses on the acquisition, management and development of multifamily properties in select Midwest and Sun Belt markets.

  Since its founding in 1989, Banner has acquired and operated 40 multifamily properties totaling more than 8,300 units.  The current portfolio consists of more than 6,000 units, valued at approximately $500 million.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com