Preiss Takes Charge of Two Student Housing Communities for UNC Charlotte Students
Preiss Takes Charge of Two Student Housing Communities for UNC Charlotte Students
In a significant development for the University of North Carolina at Charlotte, Preiss, a prominent player in the student housing sector, has secured the management of two off-campus communities: The Mill and The Union. This partnership follows an acquisition by Triangle Capital Group, a private real estate investment firm based in New York. The agreement is part of Preiss' strategy to re-establish its footprint in the Charlotte area, expanding its portfolio by adding a total of 569 beds across these properties.
Significant Investment for Better Living Experiences
To elevate the living conditions for students, a capital investment of approximately $5 million has been earmarked for enhancements across both communities. The intended upgrades will not only modernize the facilities but also significantly improve the overall resident experience. The planned improvements include:
- - A complete overhaul of the clubhouses and amenity spaces
- - Comprehensive interior renovations of individual units
- - Integration of cutting-edge smart home technology
- - Addressing any deferred maintenance issues that may exist
- - Transforming the branding of both communities to reflect their updated status and appeal to potential residents
Details of the Properties
The Mill is strategically located just east of the UNC Charlotte campus and offers a variety of floor plans, including 2x2, 3x3, and 4x4 configurations with a total of 386 beds spread across 131 units. This variety caters to the diverse needs of students seeking comfort and convenience in their housing.
The Union, located adjacent to the campus, features 183 beds across studio, 2x2, and 3x3 floor plans, providing students with the flexibility they desire. Both properties are ideally placed for easy access to campus activities, making them attractive options for students.
About Preiss and Triangle Capital Group
Preiss has a rich history, boasting nearly four decades in the management and development of multifamily and off-campus student housing. The company is ranked as the 11th largest privately held student housing owner-operator in the nation. This latest move is a testament to Preiss's commitment to enhancing student living experiences across the country.
As for Triangle Capital Group, it specializes in real estate investment, focusing on unique equity and debt opportunities. Established in 2009, the firm has executed over $2.5 billion in transactions across various states, showcasing its influential position in the real estate sector.
Moving Forward
Mike Kivitz, the Director of Strategic Partnerships at Preiss, expressed excitement about re-entering the Charlotte market. He emphasized the company’s focus on improving the daily living experiences of residents while working closely with Triangle Capital Group to fulfill a long-term vision for both communities. With these updates and enhancements on the horizon, students can expect a revitalized living environment that meets modern-day standards and expectations.
In summary, the collaboration between Preiss and Triangle Capital Group signifies a promising future for off-campus housing options for students at UNC Charlotte. With significant investments planned and a commitment to elevating student living, The Mill and The Union are poised to become premier housing choices for the university community.
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