Raleigh Real Estate Company plans to spend $29M in tear down/rebuild of current off-campus apartment complex
RALEIGH, NC – March 13, 2012 – The Preiss Company is pleased to announce its recent purchase of The Varsity, a 692-bed, 192-unit apartment property located 1,500 feet from the entrance of Georgia Southern University. The acquisition—led by John Preiss, Executive Vice President, and Susan Folckemer, Executive Vice President Investments—is a joint venture with Campus Works. Wells Fargo provided the financing.
The Varsity is located at 111 Rucker Lane in Statesboro, Georgia and represents The Preiss Company’s second student housing acquisition in the state. The property offers 2-, 3-, 4-, and 5-bedroom plans with all bedrooms having its own closet and bathroom. Amenities include a pool, lazy river, indoor basketball court, study rooms, volleyball, an Internet café, and a 6,000 square foot clubhouse with workout facility. David Leake, who is with The Preiss Company’s Acquisition and Development Team, says that The Preiss Company plans to operate the property in its current state for another five months, after which time the units will be torn down and the site redeveloped.
“We plan on transforming this property into a state-of-the-art student housing complex,” says Leake. “It was a tremendous investment opportunity and offered us the chance to continue to expand our presence in this robust Georgia market. We plan on investing close to $30 million in capital expenditures and look forward to it being one of our premier properties. With each property acquisition and development, The Preiss Company continues to raise the bar on student housing and this property will be no exception.” Leake adds that the property will be renamed once final development has occurred.
The Preiss Company acquired its first housing presence in Georgia in January 2010. In just a little over two years, University Village at Southern has already positioned itself as the premier apartment community serving GSU. In 2010 and again in 2011, the property was named “Best Apartment Community in Statesboro” by Connect Statesboro, a weekly entertainment and alternative news weekly that focuses on issues surrounding young adults. The property was also featured in the June 2010 edition of Connect Statesboro in an article, entitled “There is Sunshine”. Written by editor, Mary-Kate Roan, the article described the property’s impressive transformation.
About The Preiss Company
The Preiss Company is currently the 8th largest owner and manager of student housing in the country and the largest woman-owned student housing owner and provider in the nation. For more information, visit www.tpco.com.
