Raleigh, N.C. — Raleigh-based The Preiss Co., the nation’s third largest privately held student housing owner-operator, acquired four properties during the first quarter of 2016 and expects aggressive growth to continue for the remainder of the year.
The company added a total of 16 properties in 2015 through acquisitions and management contracts, increasing its portfolio room count by 33 percent to more than 28,000 beds.
Properties acquired in 2016 include a portfolio of three student housing properties in Boca Raton, Florida, all located within one mile of Florida Atlantic University. The portfolio consists of 599-bed University Park, 165-bed University View and 128-bed University Square.
“We’re excited about the Boca Raton properties because we’re the first purpose-built student housing operators in that market,” says Donna Preiss, founder and CEO of The Preiss Co.
Preiss also acquired Collegiate Commons, a 324-bed student housing community located across from the North Carolina A&T campus in Greensboro. The property is set to undergo a significant $1 million renovation this spring, which plans for upgrades to the clubhouse, room interiors, amenities and signage, alongside a major upgrade to Internet connectivity.
On the third-party management side, Preiss added 13 properties with approximately 4,800 beds in a total of eight states in 2015.
“Growth has been a part of our DNA for some time,” says Preiss. “All four of our acquisitions were brought to us by existing partners, and we’re very proud of that. Our growth has been about the partners that we have been able to attract and keep. We try to bring value into any relationship that we enter.”
“Last year we experienced 33 percent growth, and in the last six or seven years I don’t think we’ve had less than 25 percent in any given year,” says Preiss. “This year, we hope to complete somewhere around 10 acquisitions.”