Crossing Place at University of Texas-Austin Marks Third Investment for the Preiss Company and Harrison Street Real Estate Capital
Raleigh, NC, January 10, 2007 --(PR.com)-- The Preiss Company (“TPCO”), the largest housing provider of off-campus student housing at North Carolina State University, Clemson University, and UNC Charlotte (in 2007), is pleased to announce its third strategic joint venture with Harrison Street Real Estate Capital (“HSRE”) to acquire Crossing Place, a 1,152-bed student housing project at the University of Texas-Austin. In less than 12 months, TPCO and HSRE have started development on or have acquired three properties representing over 2,300 beds. This acquisition reinforces both companies’ strategy of acquiring and developing student housing communities in targeted markets to build an institutional quality portfolio.
Crossing Place’s 348 units feature three distinct floor plans: two bedroom/two bathroom, three bedroom/three bathroom, and four bedroom/four bathroom one-story garden-style plans. The complex offers a full-range of amenities including pool, basketball and volleyball courts, and clubhouse with exercise facilities and a student lab and is located within three miles of the University of Texas-Austin campus. TPCO is planning to provide further enhancements and improvements to both the exterior and interior of the property.
Crossing Place represents TPCO’s first student housing acquisition in Texas. As with all other properties that TPCO acquires, the decision to invest is a result of in-depth research and aggressive marketing and management techniques. “The Preiss Company is constantly searching for sound investment opportunities in the markets we’re currently in, as well as exploring new markets,” says TPCO Founder and Chief Executive Officer, Donna Preiss. “We use technology and data collection to ensure that our properties meet the needs of our clients, the students. It is our ability to exceed students’ expectations on every level that has made The Preiss Company a leader in the student housing market.”
The Venture with HSRE is consistent with TPCO's commitment to continue growing its presence in targeted university markets. The company's goal is to become the largest off-campus provider in each of the markets that it selects. “We’re very proud to be partnering with Harrison Street Real Estate Capital in the acquisition of this community,” adds Preiss. “Our previous ventures with Harrison Street are extremely successful. We have every reason to believe that Crossing Place will meet with the same positive results.”
HSRE is a real estate private equity firm that focuses on providing equity capital to operators that are active in the specialty areas of the real estate market. These include student housing, senior housing, self storage, medical office, and parking. “We are extremely excited by the opportunity that Crossing Place presents our venture. The purchase price plus The Preiss Company’s ability to execute a value-add property management program in the context of a more balanced Austin conventional market makes this a compelling investment to add to our portfolio,” says Harrison Street Real Estate Capital Principal, Dean Egerter.
TPCO’s and HSRE’s first investment was the acquisition of the 130-unit (520-bed) University Club student housing complex located in Charlotte, North Carolina, acquired in January 2006. This project is nearly 100% occupied for the 2006-07 school year. The partnership’s second investment, University Village, is currently under construction and on time for student lease–up starting in August 2007.
Morgan Stanley provided financing for the Venture.
About The Preiss Company
The Preiss Company was founded in 1987 by Donna Preiss with a mission of maximizing real estate investor returns by helping in all aspects of real estate investment. This includes the selection, purchase, sale, exchange, and management of property. Since that time, it has formed more than 50 partnerships, has been the developer or co-developer of over 20 projects in North and South Carolina, and provides residences for more than 6,000 college students annually. For more information, visit www.tpco.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is a real estate private equity firm that was launched in 2005. Harrison Street’s inaugural fund, Harrison Street Real Estate Partners I, LP, finances and consolidates portfolios of specialty real estate properties that consumers will use not only in good general economic climates, but even in inflationary, recessionary or housing or general office overcapacity cycles. These specialty sectors include: student housing, senior housing, self-storage, medical office and related parking. The fund provides capital at the real estate level to strong local and regional developers and operators throughout North America. The firm executes this strategy on behalf of institutional and high net worth investors from across the US and overseas. Harrison Street will launch, when appropriate, a series of similarly focused and differentiated real estate fund products in other markets around the globe.
Press Contacts:
Amy Barger Dean Egerter
The Preiss Company Harrison Street Real Estate Capital
(919) 291-9224 (312) 920-1855
amy@tpco.com degerter@harrisonst.com
###
Crossing Place’s 348 units feature three distinct floor plans: two bedroom/two bathroom, three bedroom/three bathroom, and four bedroom/four bathroom one-story garden-style plans. The complex offers a full-range of amenities including pool, basketball and volleyball courts, and clubhouse with exercise facilities and a student lab and is located within three miles of the University of Texas-Austin campus. TPCO is planning to provide further enhancements and improvements to both the exterior and interior of the property.
Crossing Place represents TPCO’s first student housing acquisition in Texas. As with all other properties that TPCO acquires, the decision to invest is a result of in-depth research and aggressive marketing and management techniques. “The Preiss Company is constantly searching for sound investment opportunities in the markets we’re currently in, as well as exploring new markets,” says TPCO Founder and Chief Executive Officer, Donna Preiss. “We use technology and data collection to ensure that our properties meet the needs of our clients, the students. It is our ability to exceed students’ expectations on every level that has made The Preiss Company a leader in the student housing market.”
The Venture with HSRE is consistent with TPCO's commitment to continue growing its presence in targeted university markets. The company's goal is to become the largest off-campus provider in each of the markets that it selects. “We’re very proud to be partnering with Harrison Street Real Estate Capital in the acquisition of this community,” adds Preiss. “Our previous ventures with Harrison Street are extremely successful. We have every reason to believe that Crossing Place will meet with the same positive results.”
HSRE is a real estate private equity firm that focuses on providing equity capital to operators that are active in the specialty areas of the real estate market. These include student housing, senior housing, self storage, medical office, and parking. “We are extremely excited by the opportunity that Crossing Place presents our venture. The purchase price plus The Preiss Company’s ability to execute a value-add property management program in the context of a more balanced Austin conventional market makes this a compelling investment to add to our portfolio,” says Harrison Street Real Estate Capital Principal, Dean Egerter.
TPCO’s and HSRE’s first investment was the acquisition of the 130-unit (520-bed) University Club student housing complex located in Charlotte, North Carolina, acquired in January 2006. This project is nearly 100% occupied for the 2006-07 school year. The partnership’s second investment, University Village, is currently under construction and on time for student lease–up starting in August 2007.
Morgan Stanley provided financing for the Venture.
About The Preiss Company
The Preiss Company was founded in 1987 by Donna Preiss with a mission of maximizing real estate investor returns by helping in all aspects of real estate investment. This includes the selection, purchase, sale, exchange, and management of property. Since that time, it has formed more than 50 partnerships, has been the developer or co-developer of over 20 projects in North and South Carolina, and provides residences for more than 6,000 college students annually. For more information, visit www.tpco.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is a real estate private equity firm that was launched in 2005. Harrison Street’s inaugural fund, Harrison Street Real Estate Partners I, LP, finances and consolidates portfolios of specialty real estate properties that consumers will use not only in good general economic climates, but even in inflationary, recessionary or housing or general office overcapacity cycles. These specialty sectors include: student housing, senior housing, self-storage, medical office and related parking. The fund provides capital at the real estate level to strong local and regional developers and operators throughout North America. The firm executes this strategy on behalf of institutional and high net worth investors from across the US and overseas. Harrison Street will launch, when appropriate, a series of similarly focused and differentiated real estate fund products in other markets around the globe.
Press Contacts:
Amy Barger Dean Egerter
The Preiss Company Harrison Street Real Estate Capital
(919) 291-9224 (312) 920-1855
amy@tpco.com degerter@harrisonst.com
###
Contact
The Preiss Company
Patty Briguglio
919-233-6600
Patty Briguglio
919-233-6600
Contact
Categories