Student Housing Daily - February 6 - The Preiss Company acquires land

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NEWS ROUNDUP

ACQUISITION: The Preiss Company acquires land. The Preiss Company has completed the acquisition of 15 parcels of land near North Carolina State University (NC State) for its latest student housing project, Collegeview Apartments. The Raleigh-based firm spent just over $10 million to assemble 4.19 acres adjacent to NC State’s Greek Village. With the land now secured, construction on Collegeview Apartments is set to begin in February, with completion expected by August 2027. The five-story student housing complex will offer 679 beds in one- to five-bedroom units. John Preiss, President of The Preiss Company, revealed that the deal was nearly completed a year ago but was delayed due to uncertainty in financial markets.

ACQUISITION: BDC buys two New York student housing communities for $90 million. BDC Holdings has expanded its student housing portfolio with the acquisition of two New York communities for $90 million from OC Ventures. The properties include Block 20 Buffalo in Amherst and The Hill at Rochester in Rochester, collectively offering nearly 1,000 beds. The transaction was brokered by GREA on behalf of the seller.

DISPOSITION: Cushman & Wakefield sells 368 beds. Cushman & Wakefield has facilitated the sale of The HUB at Auburn, a 368-bed student housing community near Auburn University in Alabama. The property was sold by FPA Multifamily to Capstone Real Estate Investments for an undisclosed amount. The transaction was managed by Cushman & Wakefield's student housing capital markets team, including Travis Prince, Shawn Lubic, and Victoria Marks, who represented the seller in the deal.

DEVELOPMENT: University of Utah enters P3 for $155 million project. The University of Utah is set to expand its on-campus housing with a $155 million student housing project, developed in partnership with American Campus Communities. The initiative will add over 1,400 beds just south of Kahlert Village. “These new facilities will address the lack of on-campus supply, waitlists, and undersupply of private market student housing, as well as help the university reach its goals of 40,000 student enrollment and all first-year undergraduates living on campus” - John Creer, University of Utah.

DEVELOPMENT: PeakMade to break ground on 395-unit community in Tucson. PeakMade is set to commence construction on Theory Tucson, a 19-story mixed-use development near the University of Arizona campus in Tucson. The project will feature 395 units designed to appeal to both students and local residents. The development team includes M.A. Mortenson, Gensler, Power Design, Suntec Engineering, and Rick Engineering. Construction is scheduled to begin soon, with an anticipated completion in fall 2027.

READ: Enrollment growth drives demand for public-private partnership developments.

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