The Preiss Company Acquires 135-Unit 21 Pearl in Austin, Texas

Plans Significant Enhancements to Off-Campus Student Apartments

AUSTIN, Texas--(BUSINESS WIRE)--Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the acquisition of the 135-unit/251-bed 21 Pearl, off-campus student apartments serving the University of Texas at Austin. The company also announced extensive upgrades to improve unit interiors, the clubhouse and to install a new tech package for all residents.

“With almost two decades in Austin, we continue to have a large ownership/management presence in the Austin student housing market,” said John Preiss, President. “TPCO has been watching The Pearl since its initial construction, and we know we can provide value to this incredible asset through targeted capital, installation of new technologies, and our proprietary management platform.”

Located at 911 W. 21^st Street just minutes from University of Texas at Austin, the off-campus apartments provide 1-, 2-, 3- and 4-bedroom floor plans focused on comfort and privacy. Each apartment is furnished with private bedrooms, along with an in-unit washer and dryer, high speed internet access and cable. Fully equipped kitchens also are available in the pet-friendly building. All residents may enjoy an outdoor courtyard with grilling stations, 24-hour fitness center and resident clubhouse featuring stylish lounge areas and private study areas.

The multi-million dollar renovation includes interior upgrades on approximately half the units, with new flooring, updated kitchen cabinetry, bathroom upgrades, and new furniture. The entire building will undergo massive tech improvements, including enhanced Wi-Fi, access control, and smart thermostats. Additionally, the clubhouse will receive new renovations to enhance the resident experience.

“TPCO is experiencing a strong transactional year,” said Preiss. “We recently closed on an asset in Kennesaw, Ga., and have two other deals currently under contract. We are also actively in the process of developments in Nashville, Chapel Hill, Raleigh and Knoxville. Additionally, we are broadening our reach through third-party management, having added seven new properties in the last quarter.”

About The Preiss Company

Celebrating its 37^th year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of conventional multifamily and off-campus student housing. The company is ranked in the nation’s top 10 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.