Preiss Continues Expansion in San Antonio Student Housing Market
Raleigh, NC-based Preiss and a private real estate fund advised by Crow Holdings Capital have closed on the purchase of the 694-bed Luxx student housing complex that serves the University of Texas San Antonio.
SAN ANTONIO—The Preiss Co. continues a very active 2019 with the purchase of its second student housing property here and its third overall acquisition since the beginning of this year.
Raleigh, NC-based Preiss and a private real estate fund advised by Crow Holdings Capital have closed on the purchase of the 694-bed Luxx student housing complex that serves the University of Texas San Antonio. No financial terms of the transaction were disclosed.
Last month, Preiss purchased the Estates at San Antonio, a 288-bed, 58-building complex located less than two miles from the University of Texas—San Antonio. That deal was undertaken in partnership with Hong Kong-headquartered investment firm Centaline Investment Management Co.
In late January, Preiss and partner Nuveen acquired the 525-bed Signature 1505 that serves North Carolina State University. The Triangle Business Journal, citing public records, reported the sale price was $52.74 million.
“With three completed deals in January, we are on track for the busiest quarter in our history, if not the strongest growth year we’ve experienced ever,” says Susan Folckemer, chief acquisitions and development officer, for the Preiss Co. “We will continue to take advantage of the prevailing marketplace as we continue to expand our footprint nationwide. Our pipeline remains full, and we expect to announce additional deals in the coming weeks.”
The Luxx offers numerous room layouts for one, two and four beds. The community features a Las Vegas-style swimming pool area with swim-up bar, submerged seating and outdoor cabanas, as well as a 30-person hot tub. Additional amenities include a covered patio with grills and flat screen televisions; advanced cyber lounge; private study rooms; community Wi-Fi and a 24/7, two-story fitness center with its own spin room. All rooms are fully furnished, complete with energy-efficient appliances, wood-style flooring, ceiling fans, washer, dryer and deluxe, modern furniture.
The Preiss Co. will operate the student housing community and oversee a multi-million enhancement program, the company reports, Planned capital improvements include updating the clubhouse and installing new computer equipment. In addition, The Luxx will receive new, LED exterior lighting, as well as refurbishments to outdoor amenities and the dog park. Front door key fobs also are being upgraded.
“Our goal is to provide any and everything a student could need to have the most successful academic experience possible,” noted Donna Preiss, founder and CEO, TPCO. “We regularly are polling our student residents and tweaking our portfolio to match their requests. Following the completion of the upgrades and the implementation of our proprietary management and marketing systems, The Luxx will be well positioned as the preferred student living community in the area.”