The Preiss Company Acquires 135-Unit 21 Pearl in Austin, Texas
2024年7月18日 - 9:56PM
ビジネスワイヤ(英語)
Plans Significant Enhancements to Off-Campus
Student Apartments
Officials at The Preiss Company (TPCO), one of the nation’s
largest, privately-held, student housing owner-operators, today
announced the acquisition of the 135-unit/251-bed 21 Pearl,
off-campus student apartments serving the University of Texas at
Austin. The company also announced extensive upgrades to improve
unit interiors, the clubhouse and to install a new tech package for
all residents.
“With almost two decades in Austin, we continue to have a large
ownership/management presence in the Austin student housing
market,” said John Preiss, President. “TPCO has been watching The
Pearl since its initial construction, and we know we can provide
value to this incredible asset through targeted capital,
installation of new technologies, and our proprietary management
platform.”
Located at 911 W. 21st Street just minutes from University of
Texas at Austin, the off-campus apartments provide 1-, 2-, 3- and
4-bedroom floor plans focused on comfort and privacy. Each
apartment is furnished with private bedrooms, along with an in-unit
washer and dryer, high speed internet access and cable. Fully
equipped kitchens also are available in the pet-friendly building.
All residents may enjoy an outdoor courtyard with grilling
stations, 24-hour fitness center and resident clubhouse featuring
stylish lounge areas and private study areas.
The multi-million dollar renovation includes interior upgrades
on approximately half the units, with new flooring, updated kitchen
cabinetry, bathroom upgrades, and new furniture. The entire
building will undergo massive tech improvements, including enhanced
Wi-Fi, access control, and smart thermostats. Additionally, the
clubhouse will receive new renovations to enhance the resident
experience.
“TPCO is experiencing a strong transactional year,” said Preiss.
“We recently closed on an asset in Kennesaw, Ga., and have two
other deals currently under contract. We are also actively in the
process of developments in Nashville, Chapel Hill, Raleigh and
Knoxville. Additionally, we are broadening our reach through
third-party management, having added seven new properties in the
last quarter.”
About The Preiss Company
Celebrating its 37th year, Raleigh, North Carolina-based, The
Preiss Company specializes in the development, acquisition and
management of conventional multifamily and off-campus student
housing. The company is ranked in the nation’s top 10 of the
largest, privately held, student housing owner-operators. For more
information, visit www.tpco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240718666088/en/
Kasey Munsch, Vice President of Marketing 919-706-0668
kasey.munsch@tpco.com