Riverside, Calif. and Huntsville, Texas — The Preiss. Co. has acquired two student housing communities in California and Texas.
Acquisitions include GrandMarc at University Village, a 760-bed community located near The University of California, Riverside; and Gateway at Huntsville, a 416-bed community located near Sam Houston State University in Huntsville, Texas.
GrandMarc at University Village offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds.
Gateway at Huntsville offers community amenities including a swimming pool, basketball court and volleyball court. Planned renovations for the property include upgrading more than half of the units with new flooring, microwaves and furniture; new mattresses, kitchen sinks and desk chairs for all units; upgraded, property-wide wi-fi; exterior enhancements including roof replacement, new HVAC units, patio furniture, painting and landscaping; the addition of a grilling station; and updates to the clubhouse including the addition of new computer and fitness rooms with refreshed décor.
Both properties were acquired in separate joint ventures for undisclosed amounts. The sellers were both undisclosed private investment groups. The Preiss Co. will operate the facilities, and oversee renovations and upgrades.