New Team Eyes $150M in Student Housing Growth

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RALEIGH, NC-In an effort to grow its portfolio by $150 million in 2007, locally based Preiss Co. has created an acquisition and development team. Preiss Co. provides off-campus student housing at North Carolina State University, Clemson University and UNC Charlotte.

The team, comprised of company brokers, will focus on market research and identification of value-added acquisitions over the next three years. The team is headed by vice president of development & sales Susan Folckemer, and includes members Dan Leff, John Preiss, Alexis Lambeth and Elizabeth Pardue.

“Our objective is to grow our portfolio by approximately $150 million in acquisitions and development during 2007 alone,” says CEO Donna Preiss. “Our property management platform allows us rapid growth in markets where we currently have product. In new markets, we have developed quick due diligence and transitional programs that allow for successful adaptation to this aggressive growth initiative.”

The company focuses primarily on the east coast, but recently made its first acquisition in Texas when it acquired University Village Austin, a 1,152-bed student housing project at the University of Texas-Austin. In less than a year, Preiss started development on or acquired four more properties in the area representing more than 2,932 beds.

“This is inline with the Preiss Co.’s goal of growing our presence throughout targeted university markets and becoming the largest off-campus provider in each of the markets we select,” Folckemer says.