1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

The Preiss Company and HSBC Real Estate Equity Partners (USA) Acquire University Estates at Austin

Venture makes Raleigh real estate company the largest student-housing provider for the University of Texas in Austin

 
PRLog - March 3, 2008 - RALEIGH, N.C. -- RALEIGH, NC – The Preiss Company (“TPCO”), the largest off-campus student housing provider for North Carolina State University, Clemson University, and UNC Charlotte, is pleased to announce its recent strategic venture with HSBC Real Estate Equity Partners (USA), L.P. with the purchase of University Estates at Austin, a 1,548-bed apartment property located within three miles of the University of Texas.  The acquisition was made by TPCO’s Acquisition and Development (A&D) Team, which includes Susan Folckemer, Dan Leff, John Preiss, Alexis Lambeth, and Kyle Barger.  

University Estates, formerly known as Campus Estates in Austin, is located in Southeast Austin off of Riverside Drive.  The 498-unit apartment property features three distinct floor plans:  two-bedroom/two-bathroom, three-bedroom/three-bathroom, and four-bedroom/four-bathroom garden-style units.  University Estates offers a full-range of amenities including clubhouse, fitness center, computer lab and study room, large club/party room, resort-style swimming pool with fountain and expansive deck, outdoor basketball court, and multiple sand volleyball courts.

The acquisition of University Estates makes The Preiss Company the largest off-campus housing provider at The University of Texas.  Last year, the company acquired University Village at Austin—a 1,152-bed apartment complex located directly beside University Estates—and has since spent almost $2 million in property renovations and upgrades.  TPCO Founder and CEO, Donna Preiss, says the location of their existing property made the University Estate acquisition even more valuable to her company.

“The increased presence of The Preiss Company in the Austin area clearly helps our company in a number of ways,” explains Preiss.  “The ability to create efficiencies amongst staffing needs and marketing, the ability to pool resources and allocate them more efficiently, and the ability to facilitate more favorable rates in many of our contracts or services all serve to benefit our residents.  By streamlining our administrative processes, we’re able to allocate more funds to property improvement, which increases resident satisfaction and retention.  It’s this kind of forward thinking that continues to position The Preiss Company as a leader in the student housing industry.”

Preiss says that TPCO is planning on making $5.7 million in capital upgrades to University Estates including pool upgrades, unit improvements, landscaping, clubhouse renovation, and exterior building improvements.  Upon completion of the capital upgrades, Preiss says that Campus Estates will offer the most amenities currently available in the Riverside market.

Andrew DiMiero of HSBC Real Estate Partners (USA), L.P. said, “We are excited to partner with an operator of Donna Preiss’ caliber.  She and her team have proven time and again they understand student housing as well as anyone out there, and we are looking forward to working with them on this as well as future projects.”  

“The Preiss team has a vision for this property, and we’re excited to help make that a reality," added Will Henderson, also of HSBC Real Estate Equity Partners (USA), L.P.

GE Real Estate provided senior debt financing for the Venture.

About The Preiss Company
Founded by Donna Preiss, TPCO provides a wide range of services including acquisition, property management, disposition, development, and consulting for multi-family real estate investments.  Beginning its 21st year, TPCO has formed over 50 partnerships and has been the developer or co-developer of over 20 projects stretching from Texas to Maryland.  The company recently acquired their first property in Alabama—University Village at Auburn.  

About HSBC Real Estate Equity Partners (USA), L.P.
HSBC Real Estate Equity Partners (USA), L.P. is an investment vehicle managed by HSBC Private Equity Advisors, LLC.  It invests in real estate transactions throughout the United States across a wide variety of asset types including student housing, traditional multi-family, office and hospitality.  HSBC Private Equity Advisors, LLC, with over $1 billion in capital under management, manages private equity and mezzanine funds that invest in private companies and real estate ventures.

--- End ---

Click to Share

Contact Email:
Source:The Preiss Company
Website:http://www.tpco.com
Phone:919-532-1132
Location:Raleigh - North Carolina - United States
Industry:Business, Real Estate
Tags:the preiss company, hsbc real estate equity partners, university estates at austin, donna preiss, student housing
Shortcut:prlog.org/10054533
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share