RALEIGH, N.C. & ORLANDO, Fla.--(BUSINESS WIRE)--Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, today announced that it has acquired in a joint venture with a private investment group the 840-bed, 228-unit Mercury 3100 student housing complex in Orlando, Fla., for an undisclosed amount. Catering to the University of Central Florida, the property rests on nearly 40 acres situated approximately seven blocks from campus. It is the company’s second joint venture acquisition in the market.
“Our acquisition process involves thoroughly understanding both the property and the market in which we invest,” said Donna Preiss, founder and CEO, The Preiss Company. “In addition to evaluating hundreds of campuses nationwide, we are attracted to markets where we already have a successful footprint. The in-depth knowledge of working in a market, the reputation we build with the University and student population and the economies of scale make this type of investment especially compelling.
“Mercury 3100 is a great example. Through another joint venture, we own and operate the Orion student housing community in Orlando, located within two miles of Mercury 3100. Orion consistently has been 100 percent occupied with average annual rental increases of five percent since we acquired it nearly three years ago.
“The Orlando market has many diverse economic drivers, and the University of Central Florida’s enrollment has enjoyed a steady increase. UCF’s student body has grown 87 percent from 2000 to 2015, and today boasts the largest undergraduate enrollment in the country. Mercury 3100 will benefit from a substantial, multi-million-dollar upgrade, repositioning and student-focused management that creates a significant value-add opportunity.”
The student housing complex offers the latest in amenities, including outdoor swimming pool with sundeck, sand volleyball court, 24-hour fitness center with free weights, cardio equipment and machines, complementary tanning beds, basketball court, computer center with free printing, UCF shuttle service, recreation center, bike storage and ample on-site parking. Fully equipped apartments feature leather-style furniture in select units and fully furnished private bedrooms. Additionally, units feature private bathrooms, full kitchens and full-sized washer and dryer.
The renovation process will focus on both exterior and unit upgrades. The clubhouse will receive a new design package and furnishings, as well as new gym equipment and A/V system upgrades. Exterior improvements include clubhouse upgrades, a basketball court addition and significantly improved internet capabilities. The three-story buildings also will receive new paint and roofing. Other upgrades include new exterior lighting, HVAC replacements, parking lot resurfacing, landscaping and pool enhancements.
Additionally, TPCO plans to significantly improve 114 units with new flooring, upgraded lighting package and black appliances. The remaining 114 units will further upgrade to a Premium Package, which includes new flooring, furniture, lighting, black appliances, granite kitchen and bathroom countertops, resurfaced kitchen and bathroom cabinets and hardware.
About The Preiss Company
Celebrating its 30th year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked the nation’s fifth largest, privately-held, student housing owner-operator. For more information, visit www.tpco.com.