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GREENVILLE, NC – (BUSINESS WIRE) – Managers of The Preiss Company (TPCO), one of the largest owner-operators of private student housing in the country, in partnership with Township Capital, a major real estate investment co- GP company, today announced the completion of the Eastern on 10th student housing complex recapitalization program. Located in Greenville, North Carolina, the three-building, 425-bed complex was developed by Preiss in 2018 and serves East Carolina University.
“The recapitalization of this well-located student housing complex is part of our strategy to develop class A student housing located within a mile of select universities that Preiss intends to own for the long term,” said said Susan Folckemer, Head of Acquisition and Development. officer, TPCO. “We remain bullish on student housing and continue to seek attractive investment opportunities in strong markets with high barriers to entry for new people. ”
Is the 10
Located less than one mile from East Carolina University on East 10th Street, the 165-unit complex offers fully furnished 1, 2 and 3 bedroom apartments with en-suite bedrooms and bathrooms. Garden-style units have large closets, faux stainless steel appliances, and granite counters. The Eastern on 10th also offers pool views, patios, and balconies in some units. Rental fees also include water, garbage, high-speed Internet access, and sewer services.
Additional amenities include outdoor lounge spaces with a resort-style pool and sun terrace, and a 24-hour fitness center with cardio machines, weights, and a heavy bag. Residents are also welcome to use the 24/7 Resident Clubhouse with lounges, a self-service cafe bar and play area, as well as the study lounge and internet cafe.
“We continue to seek out blue chip partners such as The Preiss Company as we pursue our own aggressive growth plans,” said Matthew Gorelik, CEO of Township Capital. “The Eastern on 10th continues to be an exceptional investment, and we look forward to entering into similar agreements with TPCO in the future. ”
About the company Preiss
Celebrating its 33rd year, The Preiss Company, based in Raleigh, North Carolina, specializes in the development, acquisition and management of off-campus student housing. The company is ranked among the top 10 largest owner-operators of private student housing in the country. For more information, visit www.tpco.com.
About Township Capital, Inc.
Township Capital, Inc. is a leading co-GP real estate investment firm headquartered in Beverly Hills, California. Founded by CEO Matthew Gorelik in 2014, the company has experience investing in all major property types with a specialty in student housing, senior residences, multi-family and industrial buildings. For more information on Township Capital, visit townshipinc.com.
Kasey Munsch, Vice President of Marketing
Source: The Preiss Company