Raleigh real estate company’s outsourced property management solutions respond to growing market requests
RALEIGH, NC – April 3, 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, has recently added Blue Ridge Apartments to its Raleigh portfolio. The company has been hired by property owner Blue Ridge Apartments, LLC to provide third-party management services to the apartment community located at 601 & 611 Crimson Court in Raleigh and serves the students at North Carolina State University.
Blue Ridge Apartments is a 96-bed property located about three miles from NCSU. All 48 units are 2 Bedroom/2 Bath and will share property amenities with another TPCO property—University Village at Raleigh. TPCO’s recent management of Blue Ridge Apartments will enable property residents to take advantage of a 24-hour gym, club house, game room equipped with big screen TV and pool tables, full basketball court, sand volleyball area, large pool, and computer lab. University Village of Raleigh Property Manager, Sara Clark, says that Blue Ridge Apartments is a great addition to TPCO’s Raleigh portfolio.
“[TPCO] is always excited about taking on new beds to increase our portfolio size, as well as to create diversity within our property portfolio,” says Clark. “Blue Ridge Apartments continues to reinforce our corporate commitment of providing the best student living experience anywhere, and the property’s brand-new units will offer residents beautiful interior architectural features, upgraded fixtures and appliances, private patios, and convenient access to the Wolfline. We’re pleased to have been selected by Blue Ridge Apartments to provide management services for this property and look forward to continuing to redefine the way people view student housing.”
TPCO has been offering owners, lenders, and developers of student housing assets a third-party property management platform for over a year. The effort was spearheaded by the company’s Acquisition and Development (A&D) Team in response to growing requests from several of their institutional relationships. TPCO founder and CEO, Donna Preiss, said that this service offering is in response to a changing economy, as well as the efficiencies and value that aggregate property management can provide. Additionally, third-party property management services is consistent with the company’s overall mission of enhancing the college experience for their student residents by providing a superior environment that promotes both social and academic growth.
“Student housing is still a very fragmented industry”, explains Preiss. “In markets where we currently serve, there are operational efficiencies that The Preiss Company could pass onto other [property] owners. We also have several programs that we could transport to other properties, such as our extensive sports marketing program, our “Green Initiative”, our rent optimization and rent tracking tools, our social activities platform, and our technology platform. With our property management experience and proven results, The Preiss Company is ready and able to provide this valuable service to financial institutions and other owners of student housing.”
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.
