The Preiss Company and Investcorp Complete Joint Venture Acquisition of 525-Bed Signature West Midtown Student Housing Complex
ATLANTA--(BUSINESS WIRE)--Feb 3, 2020--
Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and Investcorp, a leading global provider and manager of alternative investment products, today announced the joint venture acquisition of the 525-bed Signature West Midtown student housing complex in Atlanta, Ga.
“This acquisition marks our fourth student housing complex in Georgia and our entry into the attractive and growing Atlanta market,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “Signature West Midtown benefits from an exceptional location just steps from Georgia Tech and aligns with The Preiss Company’s business strategy of targeting properties based on school selectivity, the health and diversity of the job market in which the asset is located and the asset itself. The recently completed building and units are in excellent physical condition, and we foresee minimal, if any, new renovations in the immediate future. We are confident that the Signature West Midtown will benefit from our proprietary marketing and management tools and fully expect to see increases in both rentals and resident satisfaction scores.”
Located at 800 Marietta Street NW, the student housing complex provides studio-, 1-, 2-, 3-, 4- and 5-bedroom configurations. Each unit includes private bedrooms and bathrooms, 50″ 4K Smart TVs in each living room, chic modern furniture, stainless steel appliances, granite countertops, plank vinyl flooring, in-unit laundry and NEST® Smart Thermostats. Additional options include p remium views of Atlanta and reserved space in the dedicated parking garage.
Communal amenities include a resort-style pool and sundeck, rooftop lounge with downtown view, 24-hour fitness center, cyber café with free printing, rideshare lounge, bike storage and package locker system. Additionally, residents can enjoy 10,500 square feet of retail located within the building.
“Though just a few weeks into 2020, we expect steady growth of our student housing portfolio to continue, driven by Georgia’s thriving higher education system,” Folckemer added. “We look forward to further success as more current and future students seek opportunities in the state.”
About The Preiss Company
Celebrating its 32 nd year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200203005044/en/
CONTACT: Kasey Munsch, Vice President of Marketing
The Preiss Company
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE UNIVERSITY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY EDUCATION
SOURCE: The Preiss Company (TPCO)
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PUB: 02/03/2020 08:50 AM/DISC: 02/03/2020 08:50 AM