Off-Campus Student Apartment Complex to Undergo Multi-Million Dollar Upgrade for Unit, Exterior and Clubhouse Improvements
Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 546-bed Campus Edge for an undisclosed amount. The off-campus student apartment complex will undergo multi-million dollar improvement plan to upgrade the clubhouse swimming pool, exterior and units.
“We are excited to keep Campus Edge under the Preiss umbrella,” said John Revington, EVP of investments, TPCO. “Historically, this student apartment complex has been one of the top performing assets in our portfolio, and we believe it is positioned well for continued success through targeted capital improvements. Raleigh has been a big part of the company’s success over the years, and we look forward to adding this asset to our growing footprint in the triangle.”
Situated near the entrance to NC State’s Centennial Campus, Campus Edge provides spacious 1-, 2- and 3-bedroom apartments with fully furnished options and all-inclusive rates. The pet-friendly units provide large, private bedrooms, private bathrooms, individual leases, walk-in closets, patio or balcony and full-size washer and dryer. Residents may choose upgraded options such as vinyl wood flooring, quartz kitchen countertops, faux stainless steel appliances and garage parking. The apartment complex also offers two resort-style pools, basketball and volleyball courts, hammock area, 24/7 fitness center, computer lab and dog park. Additionally, tenants may enjoy a wide-ranging game room, featuring ping pong, four LED curved and 60” flat screen televisions. High-speed internet, cable, water, trash/sewer service and uncovered parking are included in the regular monthly rental installment.
“With its recent record freshman enrollment during 2021 Fall Semester, North Carolina State University continues to be a magnificent anchor for student housing,” said Adam Byrley, chief operating officer of TPCO. “Located in the heart of the Tech Triangle, N.C. State continues to be leader in public education, with top ten rankings for biomedical engineering, veterinary and MBA programs. The market remains robust, and we look forward to continued expansion here.”
TPCO will commence a multi-million dollar improvement plan scheduled to begin in early- to mid-2023. The refurbishments include upgrading cabinets, granite counters, furniture, flooring and appliances in apartments, as well as landscaping and clubhouse swimming pool improvements.
For additional information on Valentine Commons, please visit https://www.valentinecommons.com/
