New hire sees challenges in providing viable financial forecasting and analysis in unstable housing market
RALEIGH, NC – August 14, 2009 – The Preiss Company (“TPCO”), the largest provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, and the University of Texas in Austin and the second largest provider at UNC Charlotte, is proud to announce that Josh Saliba has been appointed to Asset Manager. In his role, Saliba will be responsible for producing, tracking, analyzing, and communicating an accurate financial status on all current and future TPCO-managed portfolios.
Saliba joined TPCO in 2007 as a member of the New Business Development Team, where he was responsible for the underwriting and analysis of potential deals. Saliba said that in his new position, he hopes to assist TPCO by providing Management with better financial information and by analyzing potential strategies through both a business and legal prospective, although he admits that the current economic climate poses some challenges.
“Since The Preiss Company is in the housing industry, my biggest challenge understandably will be dealing with an uncertain and potentially unstable marketplace,” says Saliba. “Not only are there unique issues facing every college market, but the broader economic issues must be understood. Success and failure depends not only on the financial performance of a property, but also on the decisions made regarding its capital structure. The consideration and analysis of this information is crucial to The Preiss Company’s current and continued success.”
Saliba adds that despite these challenges, TPCO is well positioned to thrive in the current environment. “Unlike some companies, The Preiss Company did not overextend itself in the boom years and is better able to take advantage of any distressed properties that may come onto the market,” says Saliba. “Property management is, and will always be, our bread and butter—a skill set that will be even more valuable over the next few years.”
Company CEO, Donna Preiss, is pleased with Saliba’s appointment and says that his understanding of the importance of property management to the company makes him a valuable addition to the asset management team. “Our Property Management platform allows us rapid growth in markets where we currently have product,” says Preiss. “In new markets, we have developed quick due diligence and transitional programs that allow for successful adaptation to this aggressive growth initiative. Josh understands the importance of our ability to be able to take advantage of potential opportunities quickly. By hiring team members like Josh in key management roles, The Preiss Company will continue to ensure its success in the student housing industry.”
Saliba graduated Magna Cum Laude with a Bachelor of Science degree in Accounting at Oglethorpe University in Atlanta, GA. He also received a Juris Doctor, with honors, from the University of North Carolina School of Law and a Masters in Business Administration from UNC’s Kenan-Flagler Business School, where he was inducted into the Beta Gamma Sigma National Business Honor Society. Saliba is a member of the Urban Land Institute, a volunteer with Junior Achievement, and currently serves as a “Big Brother.”
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO employs over 168 team members and provides a wide range of services including acquisition, property management, due diligence, construction management, development, and consulting for multi-family real estate investments. Beginning its 22nd year, TPCO has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. The company recently entered into the Myrtle Beach market with their purchase of University Village at the Coast, a 436-bed apartment property located three miles of Coastal Carolina University. For more information, visit www.tpco.com.
