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| Rendering of Signature 1909 Student Housing Complex, 1909 Rio Grande Street, West Campus Neighborhood, Austin, TX |
AUSTIN, TX and RALEIGH, NC
— 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 (THRE), 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 464-bed
student housing complex, Signature 1909.
“Located in the heart of Austin’s West Campus neighborhood,
Signature 1909 already has an unprecedented 500-plus person interest list for
the 2019/2020 academic year following its 100 percent prelease for 2018/2019
eight months prior to the building even opening,” said Donna Preiss,
founder and CEO, TPCO.
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| Donna Preiss |
“Preiss
continues to seek student housing opportunities in high demand areas within
walking distance of one or more major institutions of higher learning.
"With Axis West Campus, University Village
at Austin and University Estates at Austin, we already have a strong presence
in the market, providing us with invaluable insights into what today’s students
want and need to have a successful academic career.
"With West Campus neighborhoods achieving
5.55 percent average rental growth since 2010 and indications that the
University of Texas at Austin student enrollment will grow by 5.4 percent by
2020, we believe that Signature 1909 offers tremendous upside for leasing and
rental growth.”
Located at 1909 Rio Grande St., in Austin, Texas, the 17-story
high-rise community is located within easy, three-minute walking distance from
University of Texas at Austin and is in the midst of a large offering of nearby
retail and restaurant outlets.
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| Susan Folckhemer |
Completed in fall 2018, the property
offers premium one-, two-, three-, four- and five-bedroom open floorplans.
All units include private bedrooms and bathrooms, as well as in-unit laundry.
The controlled-access building features a
rooftop pool with infinity spillover pool and ample lounge seating, picnic
lounge and built-in “Instagram Frame” showcasing the aerial view of campus for
the perfect selfie.
Additional amenities include a 24-hour fitness
centers, two private study rooms with flat screen televisions, large study bar
with floor-to-ceiling windows, four lounge areas and two community kitchens.
Students also may use the building’s
four-and-a-half story underground parking garage and bike storage.
Outdoor grill stations, 24/7 package pickup and access to free tanning round
out amenities.
“Signature 1909 is our third joint venture with THRE, and we
continue to seek additional opportunities with them and other well-respected
partners with multiple investment objectives,” said Susan Folckemer,
Preiss chief acquisitions & development officer.
“The acquisition of this project marks
our fourth student-centered apartment community in Austin, Texas, bringing our
current market presence to 3,640 beds.”
CONTACTS:
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
Amy Barger, Vice
President of Public Relations
The Preiss Company
(919) 532-1114
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