Raleigh real estate company plans to spend $13 million on new 288-bed, 72-unit apartment community that will feature super high-speed wireless internet and luxury features and amenities
RALEIGH, NC – October 12, 2011 –The Preiss Company has announced the recent groundbreaking of its newest off-campus student housing property in Raleigh. University Village 2505 is located at 2505 Red Lodge Place and will serve the students of North Carolina State University. The project was led by The Preiss Company’s Executive Vice President of New Business Development, John Preiss, and Executive Vice President, Susan Folckemer. The property was purchased for $1.2 million and was financed by RBC.
Located just 1.5 miles from NCSU, University Village 2505 will be a fully-gated 288-bed, 72-unit apartment community. All units will feature 4 beds/4 baths with such luxury features as granite counters, faux hardwood floors, stainless steel appliances, and furniture. Units will range from 1,453-1,474 square feet for non-patio units to 1,524-1,545 for patio options. The seven-acre property will also offer residents an 8,000 square foot clubhouse—available 24-hours a day—featuring a pool, fitness center with state-of-the-art cardio equipment, two tanning beds, outfitted resource center, and basketball court.
“We are excited about doing a ground up student development in our hometown,” says Preiss. “We plan on taking all of our knowledge gained from our vast and lengthy experience in the student housing sector and putting it to work to build the ultimate student housing project.”
University Village 2505 is not the first construction project undertaken by The Preiss Company. Over its 24-year history, the student housing provider has developed projects in Raleigh, Clemson, Charlotte, and Maryland. Preiss says that construction projects are often dictated by the market.
“In the late 1990’s and early 2000’s, it was a favorable market environment for development,” explains Preiss. “In 2008, The Preiss Company shifted focus more over to acquisition since we were able to purchase existing properties for less than replacements costs. The market appears to be shifting again so we’ll be following the market closely for future construction opportunities.”
The Preiss Company is planning to install the fastest high-speed wireless internet of any of its current projects. The property will also provide ubiquitous WiFi and 4G network—allowing perfect cell phone reception throughout the property. The company will be launching the University Village 2505 website (www.uv2505.com) this month and already has launched a Facebook fan page. Marketing has also started with direct mail campaigns and on-property signage. Preiss says that construction will be completed prior to the planned August 2012 move-in date and that total construction costs will come in at $13 million. He says that once construction is completed, University Village 2505 will be the nicest student housing property in The Preiss Company portfolio.
“We are taking all the best pieces of our 15,000-bed portfolio and creating, in our eyes, the perfect student housing community,” says Preiss.
About The Preiss Company
With its current pipeline of projects, The Preiss Company is poised to become the 10th largest student housing owner and provider in the nation. The company is currently the largest woman-owned student housing owner and provider in the country. For more information, visit www.tpco.com.
