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| Outpost San Marcos, 1647 Post Road, San Marcos, TX |
SAN MARCOS,
TX and RALEIGH, NC, May 27, 2015—Officials of The Preiss Company, the nation’s
third largest, privately held student housing owner-operator, today announced
that it expanded its footprint in Texas with the acquisition of the 486-bed Outpost San Marcos student housing
complex serving Texas State University.
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| Donna Preiss |
The educational institution, with more
than 36,000 students, is the largest in the Texas State University System.
The property
is the second purchased this year by joint ventures comprised of Preiss,
Baltimore-based Criterion Holdings, LLC as the general partner, and a separate
private investment group.
The Preiss
Company will implement a plan to upgrade the property, as well as operate the
facilities.
“This is our
first property at Texas State, although we have been in Texas for eight years,
and this acquisition will bring us to nearly 4,000 beds in the state,” said Donna Preiss, founder and CEO of The
Preiss Company.
“We are pleased to have purchased this
stabilized asset serving a university that has exhibited growing enrollment.
Texas State grew 3.4% last year and the Outpost continues to perform higher
than expected in terms of pre-lease velocity and rental rate growth.”
The Outpost
San Marcos is located at 1647 Post Road
within walking distance to the football stadium and approximately seven minutes
from the Texas State campus via quarter-hourly public transportation provided
by the University. Situated on 11.2
acres, the complex consists of six, three-story buildings and a stand-alone
clubhouse.
Monthly
rents begin at $530, which includes a utility allowance. Additional information is available at http://www.theoutpostsanmarcos.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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