Preiss Acquires 1,180-Bed Student Housing Portfolio
- Jan 16, 2018
The Preiss Co., in partnership with a fund managed by Crow Holdings Capital, has purchased a student housing portfolio containing 1,180 beds. Recently, Crow Holdings teamed up with Trammel Crow to acquire a 1.3 million-square-foot office complex in Washington, D.C.
The assets, 49 North and University Village, are both located in Charlotte, N.C., near the University of North Carolina, Charlotte. The acquisition was financed through a 10-year, variable interest rate mortgage provided by CBRE through Freddie Mac. The financing will additionally fund renovation work on the two properties’ units and amenities.
“Student housing investment continues to mature and see increased investor interest from a multitude of sources, as evidenced by this venture with a well-known institutional investment firm,” said Ben Roelke, senior vice president of debt and structured finance with CBRE, in a prepared statement. “The venture was able to secure exceptional financing terms for this attractive value-add opportunity.”
CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Kevin Kempf represented the seller, while Roelke and Mike Riccio secured the loan. Late last year, the firm’s national student housing team closed on the sale of a 1,720-bed nationwide student housing portfolio.
Array of amenities
Located at 10035 Dabney Drive, close to the university, 49 North includes four-bedroom, 1,500-square-foot apartments, with monthly rents beginning at $520 per bed. The community, built in 1998, offers a saltwater pool, a shuttle to campus, a 24-hour fitness center and sand volleyball courts.
University Village, at 9915 University Village Blvd., offers three- and four-bedroom units with sizes ranging from 1,241 to 1,459 square feet and monthly rates from $550 to $615. Built in 2007, the community’s facilities count a 5,000-square-foot clubhouse, a self-serve coffee bar, complimentary tanning facilities, a computer center and a saltwater pool.
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