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| Donna Preiss |
RALEIGH, NC, May 16,
2016—Officials of The Preiss Company, the nation’s third largest,
privately-held, student housing owner-operator, today announced that it had
formed a joint venture with a private investment group to acquire two student
housing complexes in Raleigh, N.C., for an undisclosed amount.
The transaction brings to
seven the number of properties transacted by Preiss year-to-date. Both student housing units -- the 440-bed
College Inn and the 288-bed University Village at 2505 -- will continue to be
operated by The Preiss Company.
“Preiss previously was a
joint venture partner in these properties,” said Donna Preiss, founder and CEO of The Preiss Company. “Our former partner had achieved its
objectives with these assets and wanted to harvest the return on their
investment.
“We have a diverse number
of strategic partners with different investment criteria. This allowed us to work with another of our
investor partners to acquire these assets which still have great upside,” she
said.
“Coming into 2016, Preiss
set a goal of adding 10 properties,” she noted.
“We have the largest pipeline in our history and could exceed that goal
by as early as this summer.
“ Based on our current
rate of acquisitions, we will have an exceptional year, perhaps a record. There
are a large number of properties on the market, ranging from those that would
benefit from major renovation/repositioning to those that need more focused
management.
“There also remains
opportunities to develop new properties.
Financing remains attractive, and we see continued demand growth. We continue to believe this is an excellent
time to be investing in student housing.”
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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