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| Donna Preiss |
ORLANDO, FL and RALEIGH, NC, Jan. 8, 2015—Officials of The Preiss Company, the nation’s third
largest, privately held student housing owner-operator, today announced that it
acquired in a joint venture the 624-bed Orion on Orpington student housing
complex near the University of Central Florida (UCF) from Orlando Student
Venture, LLC for an undisclosed amount.
The joint venture is comprised of a private investment group
and The Preiss Company who is the sponsor and property manager.
The Orion on Orpington is located at 12700 Orpington Street,
Orlando. Monthly rents begin at $580 for The Orion, which includes a utility allowance.
“This is our third joint venture with the same private
investment group, bringing to nearly $130 million of student housing assets
that we have acquired together in the past 18 months, and we look forward to
the opportunity to further build on this relationship,” said Donna Preiss,
founder and president of The Preiss Company.
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| University of Central Florida Campus, East Orlando, FL |
“We were attracted
to this property because of its well-deserved reputation at UCF and
consistently high leasing history.
"Our
goal is to further enhance the student experience and to improve operating
margins.
“The Orion is also our second property in Florida, a market
that we find attractive with great universities and the need for quality,
off-campus student housing.
“ We have strong partners with significant capital to invest
nationwide, and we continue to seek out joint venture investments with prudent,
risk/reward opportunities. Acquisition
opportunities remain plentiful from older properties that need capital infusion
and repositioning to well-performing properties like the Orion. There also are
development opportunities available in multiple markets."
Additional information is available at www.OrionOrlando.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
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