{"id":1004203910,"date":"2018-01-16T07:55:58","date_gmt":"2018-01-16T15:55:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203910"},"modified":"2022-12-09T02:28:46","modified_gmt":"2022-12-09T10:28:46","slug":"preiss-acquires-1180-bed-student-housing-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/preiss-acquires-1180-bed-student-housing-portfolio\/","title":{"rendered":"Preiss Acquires 1,180-Bed Student Housing Portfolio"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004181700\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2018\/01\/49-North1.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004181700\" loading=\"lazy\" class=\"wp-image-1004181700 size-medium\" src=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2018\/01\/49-North1.jpg\" alt=\"49 North\" width=\"300\" height=\"233\" \/><\/a><p id=\"caption-attachment-1004181700\" class=\"wp-caption-text\">49 North<\/p><\/div>\n<p>The Preiss Co., in partnership with a fund managed by Crow Holdings Capital, has purchased a student housing portfolio containing 1,180 beds. Recently, Crow Holdings\u00a0teamed up with Trammel Crow to acquire a 1.3 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-closes-dc-sentinel-square-iii-site-sale\/\">office complex<\/a> in Washington, D.C.<\/p>\n<p>The assets, 49 North and University Village, are both located in Charlotte, N.C., near the University of North Carolina, Charlotte. The acquisition was financed\u00a0through\u00a0a 10-year, variable interest rate mortgage provided by CBRE through Freddie Mac. The financing will additionally fund renovation work on the two properties&#8217; units and amenities.<\/p>\n<p><em>\u201cStudent housing investment continues to mature and see increased investor interest from a multitude of sources, as evidenced by this venture with a well-known institutional investment firm,\u201d<\/em>\u00a0said Ben Roelke, senior vice president of debt and structured finance with CBRE, in a prepared statement.\u00a0<em>\u201cThe venture was able to secure exceptional financing terms for this attractive value-add opportunity.\u201d<\/em><\/p>\n<p>CBRE&#8217;s Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Kevin Kempf represented the seller, while Roelke and Mike Riccio secured the loan. Late last year, the firm\u2019s national student housing team closed on the sale of a 1,720-bed\u00a0nationwide student housing portfolio.<\/p>\n<h2>Array of amenities<\/h2>\n<div id=\"attachment_1004181701\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2018\/01\/University-Village.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004181701\" loading=\"lazy\" class=\"wp-image-1004181701 size-medium\" src=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2018\/01\/University-Village.jpg\" alt=\"University Village\" width=\"300\" height=\"233\" \/><\/a><p id=\"caption-attachment-1004181701\" class=\"wp-caption-text\">University Village<\/p><\/div>\n<p>Located at 10035 Dabney Drive, close to the university, 49 North\u00a0includes\u00a0four-bedroom, 1,500-square-foot apartments, with monthly rents beginning at $520 per bed. The community,\u00a0built in 1998, offers a saltwater pool, a shuttle to campus, a 24-hour fitness center and sand volleyball courts.<\/p>\n<p>University Village, at 9915 University Village Blvd., offers three- and four-bedroom units\u00a0with sizes ranging\u00a0from\u00a01,241\u00a0to\u00a01,459 square feet and monthly rates from $550 to $615. Built in 2007, the community&#8217;s\u00a0facilities count\u00a0a 5,000-square-foot clubhouse, a self-serve coffee bar, complimentary tanning facilities, a computer center and a saltwater pool.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The portfolio includes two properties serving the University of North Carolina, Charlotte. The acquisition was funded with a 10-year mortgage.<\/p>\n","protected":false},"author":861,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21825,21783,21742],"tags":[32789,37358,32938,38876],"class_list":["post-1004203910","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-deals","category-finance","category-investment","category-latest","tag-cbre","tag-crow-holdings","tag-freddie-mac","tag-the-preiss-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Preiss Acquires 1,180-Bed Student Housing Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/preiss-acquires-1180-bed-student-housing-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preiss Acquires 1,180-Bed Student Housing Portfolio\" \/>\n<meta property=\"og:description\" content=\"The portfolio includes two properties serving the University of North Carolina, Charlotte. 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