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Follow on Google News | The Preiss Company Enters Georgia Student Housing Market with New AcquisitionRaleigh Real Estate Company plans $1M in cap ex to enhance and update 90’s apartment property
By: The Preiss Company University Village at Southern, formerly known as Bermuda Run, is a 532-bed apartment property located ½ mile from Georgia Southern University. The community is located at 100 Bermuda Run in Statesboro, GA and offers two-bedroom/ Preiss says that TPCO was attracted to the property by its proximity to campus (within walking distance) and available financing. He adds that his company is overcoming the challenges that come with buying an older property by investing in substantial property improvements, as well as reducing its rental price in order to be the “low-cost provider”. “We are really excited about this property,” says Preiss. “University Village at Southern not only adds another state to our portfolio, but we were able to purchase this property for almost half of what it appraised for in 2004. We feel with our management, this property will be a home run.” About The Preiss Company Founded in 1987 by Donna Preiss, The Preiss Company employs over 200 team members and is largest provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, Coastal Carolina University in SC, and the University of Texas in Austin and the second largest provider at UNC Charlotte. TPCO provides a wide range of services including acquisition, property management, due diligence, construction management, development, and consulting for multi-family real estate investments. Beginning its 23rd year, the company has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. TPCO was awarded the Steady Growth and Profitability Master Award by the Greater Raleigh Chamber of Commerce in 2009 and its South Carolina property was recently featured by Apartment Finance Today as one of the publication’ Press Contact: Amy Barger, Marketing Director The Preiss Company (919) 291-9224 amy.barger@tpco.com End
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