PRZOOM - /newswire/ -
Raleigh, NC, United States, 2009/12/21 - After $1 million in capital improvements, property goes from 50% to 94% occupancy under Raleigh real estate company’s ownership and management.
The Preiss Company’s first student housing footprint on the coast, University Village at the Coast, was featured in the November/December 2009 issue of Apartment Finance Today as one of the publication’s “13 Most Creative Deals of 2009”. During a year when property values continued their downward spiral and the country was experiencing one of the worst recessions in years, TPCO has found success in South Carolina and continues to reinforce their foothold in the student housing market.
University Village at the Coast, formerly known as Campus Pointe at Myrtle Beach, is a 436-bed apartment property located three miles of Coastal Carolina University in Myrtle Beach, South Carolina. The property’s 148-unit, three-bedroom apartments feature large eat-in kitchens, laundry rooms, and a separate living area. University Village at the Coast also offers a full-range of amenities including fitness center with cardiovascular equipment and circuit training, state-of-the-art computer center, movie theater with stadium seating, resort-style pool with sundeck and stereo system, clubhouse with lounge, sand volleyball, gymnasium with indoor basketball courts, and game room with billiards room and foosball.
The property was purchased in January for $6.2 million and was made by TPCO’s Acquisition and Development Team and led by company Vice President of Business Development, John Preiss. At the time of purchase, the property was only 50 percent occupied for the 2009-2010 school year. After $1 million in capital improvements, and less than one year after purchase, the property is now 94 percent occupied and TPCO is currently in talks with lenders to do a cash-out refinancing just nine months after buying the asset.
“We’re very proud of our efforts in South Carolina and equally pleased to have been recognized by the editors of Apartment Finance Today,” says Preiss. “In our experience, we’ve found that every market creates an opportunity and South Carolina was no exception. Since our acquisition of University Village at the Coast, we assumed management of another property in South Carolina – Magnolia Lane Apartments. Student housing continues to be a sound investment, and we plan to aggressively seek out more opportunities that will allow us to broaden our footprint in the student housing industry.”
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO (tpco.com) 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.
About Apartment Finance Today
Apartment Finance Today (housingfinance.com) is the only independent and nationwide magazine that provides in-depth and unbiased reporting and insightful analysis of financing and development of multifamily housing for owners, developers, and asset managers.