Tour of Texas property focuses on capital improvements totaling more than $5M in community upgrades
RALEIGH, NC – OCTOBER 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, is proud to announce that University Estates at Austin was recently chosen as one of three student housing properties to participate in this year’s National Multi Housing Council (NMHC) property tours. The tours were held in conjunction with the 7th NMHC Student Housing Conference held on September 22-23 in Austin, TX. Property tours began at 11:30am on September 22.
University Estates at Austin is a 1,548-bed purpose-built student housing property located within three miles of the University of Texas. Property amenities include resort-style pool, basketball court, sand volleyball and tennis court, and a brand-new 3,000 sq. ft. super gym with ultra-bronzing tanning beds and certified personal trainers. The property has recently received over $5M in community upgrades, with $1.3M being made to “green” capital expenditures work.
“Upon acquisition of the property in 2008, we added granite counter tops, stainless steel appliances, built-in microwave ovens, faux wood floors, cherry cabinets, and brush nickel hardware to over 50% of our total units,” says Lassinger. He adds that the property is planning to continue upgrading the remaining units to ensure that University Estates at Austin continues to be “the best product in the Riverside Market.”
In March, TPCO continued its Green Initiatives by completing the installation of high-efficiency aerators and showerheads to help conserve water without losing performance, installed compact fluorescent lighting in the kitchen and entry way of their upgraded units, used 100% recycled carpet, installed motion sensors at all the model sites, replaced exterior office lights with high-efficiency lighting, converted to Energy star appliances, replaced the HVAC in 85 units to achieve better efficiency, and used a laminate faux wood product which is more sustainable and has a longer life than carpet.
University Estates at Austin property manager, Colton Lassinger, said that between 25-30 people toured the property and were shown the newly renovated clubhouse, gym, game room, pool, volleyball court, and a 4-bedroom, 4-bathroom Estates model. Lassinger said the attendees were particularly interested in seeing the model and the capital improvements made to the units.
“University Estates at Austin has the best amenities in town and far more space than competitive properties for residents to spread their arms and relax,” says Lassinger. “With its sparkling resort pool and state-of-the-art fitness center, residents find themselves tucked away in a 40-acre oasis. Our property is like a hidden gem.”
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO employs over 183 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. In its 22nd year, TPCO has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. The company was awarded the Steady Growth and Profitability Master Award by the Greater Raleigh Chamber of Commerce and was recently recognized by Triangle Business Journal as one of the top Women-Owned Businesses in the Triangle. For more information, visit www.tpco.com.
About National Multi Housing Council
Based in Washington, DC, NMHC is a national association representing the interests of the larger and most prominent apartment firms in the U.S. NMHC’s members are the principal officers of firms engaged in all aspects of the apartment industry, including ownership, development, management, and financing. Nearly one-third of American households rent, and over 14 percent of households live in a rental apartment (buildings with five or more units). With its joint legislative partner, the National Apartment Association, NMHC serves as the apartment industry’s primary advocate on legislative and regulatory matters. The Council also conducts apartment-related research, produces strategic information on business-related issues, and promotes the desirability of apartment living. For more information, visit www.nmhc.org.
