Preiss Company Acquires NCSU Property in Joint Venture

Raleigh, N.C. — $26.5 million complex fortifies Raleigh portfolio.  

The Dail College Inn in Raleigh.Raleigh, N.C.  — The Preiss Company (TPCO) and Heitman, a global real estate investment firm, have purchased The Dail College Inn adjacent to North Carolina State University. The property is a 440-bed, 121-unit apartment that was formerly known as The College Inn and is currently 100 percent leased.

The four-story complex has interconnecting buildings in a “U” formation and is made up of two bedroom/two bath, three bedroom/two bath, four bedroom/two bath, and four bedroom/four bath units.

“We plan on making this a signature property within our portfolio by investing over $1 million in upgrades to the clubhouse, fitness facility, computer lab, and unit amenities,” said TPCO’s David Leake.

TPCO paid $26.5 million for The Dail College Inn. The seller was the N.C. State Student Aid Association, also known as the Wolfpack Club. Richard Cotton of Multifamily Realty Advisors represented the seller as its exclusive listing broker and advisor. Jones Lang LaSalle Operations through Freddie Mac provided the financing.

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