GREENVILLE, N.C. & RALEIGH, N.C.--(BUSINESS WIRE)--Officials of The Preiss Company, the nation’s fourth largest privately held student housing owner, today announced that it has been selected by Taft Family Offices, a leading commercial and residential real estate developer/owner, to manage The Boundary @ West End, a new student housing complex currently under construction. Located on Cotanche Street 100 feet from East Carolina University in Greenville, N.C., the 550-bed project will open in August 2015 to welcome students for the fall semester.
“Students will enjoy a world-class facility and arguably the most amenity-rich student housing in the nation, yet at an attractive, affordable price,” said Donna Preiss, founder and president of The Preiss Company. “This exceptional property will raise the quality bar in our industry and is a great addition to our managed student housing portfolio. We continue to have an aggressive growth appetite as a third-party operator of student housing, where we can bring our nationwide operating and marketing experience and economies of scale.”
In addition to being a state-of-the art student housing facility, the complex will be a catalyst for reinvigorating Greenville’s downtown area. “We saw The Boundary @ West End as an opportunity to rethink student housing and to look at the development more strategically to determine how it can better fit in with the community and enhance the University’s housing options,” said Tom Taft Sr., Taft Family Offices president. “Because we were venturing into new concepts, we selected Preiss for their operating expertise, high ratings from students and parents and ability to ramp up quickly. My partner Jim Ward and I believe The Boundary @ West End will be fully leased well before the 2015 fall semester when the property opens.”
The four-acre complex’s central location, directly across the street from the University and within easy walking distance to Greenville’s downtown and entertainment district, created opportunities to add approximately 11,500 square feet of retail and outdoor dining space to more closely tie the University and downtown area together. The pedestrian-focused site has been rated a 94 by Walk Score, a proprietary service that measures “walkability.” The contemporary, five-story brick and stucco complex will blend in well with the campus setting and surrounding neighborhood. A 429-space parking garage will serve residents and alleviate congestion issues.
The Boundary @ West End will feature three courtyards and a 52,000-gallon, saltwater swimming pool with tanning shelf and swim up refreshment bar. The lushly landscaped patio area will include water features, outdoor grills, a beach volleyball court, a crossfit/Zumba court, ping pong tables, outdoor theater and other multi-purpose spaces. The green space also will provide a hammock garden, fire pit and picnic tables.
The 6,300-square-foot club house will offer a study café and quiet room, fitness center with state-of-the-art equipment, a social cafe with a game/multipurpose room, tanning beds, vending area, printing room, mail room and student gallery. The complex will contain 20 specialized-use rooms for residents, including open lounges, group and individual study rooms, as well as music rehearsal and dance studio rooms.
Students may select from studio, one-, two-, three- or four-bedroom floor plans. Each floor plan provides a private bedroom and bath for each student. The fully-equipped kitchens will feature upgraded appliances, custom cabinets, wood plank flooring and solid surface countertops. Each suite will have its own washer and dryer. The complex will have state-of-the-art security systems, including cameras and electronic locks for all doors. Students can lease a bedroom at The Boundary @ West End starting as low as $599 per month. Additional information about the property is available at http://www.boundarygreenville.com/.
“Student housing requires a completely different approach to management than other forms of multi-family housing,” Preiss noted. “In most cases, this is a student’s first experience living away from home. In addition to housing, we provide the support systems, from social to study community, ranging from catered late-night study session to resident mixers, which help students transition and thrive. During their time with us, we realize that we are helping create the memories of college that will stay with our student residents for life.”
About Taft Family Offices
Taft Family Offices acquires, develops and manages a broad cross-section of commercial real estate, including mixed use, commercial and medical office, retail, student housing, multi-family, mini storage, warehouse and flex space. The company, headquartered in Greenville, N.C., currently owns and manages more than one million square feet of commercial real estate and approximately 2,500 residential units. Additional information about the company may be found at www.tfonc.com.
About The Preiss Company
Celebrating its 27th year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company currently is the nation’s fourth largest privately held operator of private student housing. The company’s portfolio currently comprises approximately 16,000 beds located in eleven states and 16 markets. For more information, visit www.tpco.com.