Multi-Million Dollar Upgrades Planned at Two Charlotte Student Housing Communities
- Aug 20, 2013
By Eliza Theiss, Associate Editor
The Preiss Company, the fifth largest privately held student housing corporation in the US and the largest off-campus student housing provider in Charlotte, has announced it will be investing an excess of $3 million in upgrades at two of its Charlotte assets: 49 North and University Village at Charlotte.
The Preiss Company recapitalized both properties earlier in 2013 with its joint venture partner Heitman LLC, a real-estate focused global investment management firm. The value-add renovation is expected to increase ROI for the company. “Students are some of the most demanding renters in multi-housing, but they respond well to upgrades, property enhancements and new technology,” declared Kyle Barger, Preiss’ vice president of construction management. “These are ideally located properties that are highly regarded by students and their parents, and we want keep them on the cutting edge to provide the best possible student housing experience,” he added. Barger also noted that students are surveyed on a regular basis to have a realistic view on what both students and parents are looking for in regards to value and amenities. The upgrades that are to be implemented at both properties will reflect the needs and preferences of their renters.
The Preiss strategy is proving successful as University Village at Charlotte is 100 percent pre-leased and presents a 36 percent renewal rate, while 49 North is 90 percent pre-leased and boasts an impressive 49 percent renewal rate. The average student housing lease renewal rate stands at 30 percent.
The 130-unit 49 North (previously known as University Club) will undergo a more significant enhancement, with 70 percent of apartments being refitted with higher grade appliances, flooring and lighting. Some community amenities will also be upgraded, leading with the pool area, which will be outfitted with an extra water feature as well as a nearby fire pit and grill area. The fitness facility will trade up to new fitness equipment, while the rest of the clubhouse will also be outfitted with new lighting, furnishings as well as a computer café area. Acquired in January 2006, 49 North also features basketball and sand volleyball courts, a tanning station, and pool table, as well as patio, washer and dryer in all apartments. Units have a four-bedroom four-bath layout in individual two story townhomes.
Upgrades at 168-unit University Village at Charlotte include the addition of a grill area and new furniture to the pool area, as well as new fitness facility equipment, a tanning bed and a new computer cafe area and new lighting and furnishing in the 5,000-square-foot clubhouse. Current community amenities include a resort-style pool, flat screen TVs and game room complete with billiards and foosball tables, basketball and volleyball courts, and iPod docking stations throughout the property. Units are available in three- or four-bedroom layouts and feature washers and dryers, fully-furnished kitchens and stainless, energy-efficient appliances.
Work is scheduled to be complete by September 2013, before the start of the new semester.
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Photo courtesy of University Village at Charlotte’s Facebook page