Significant Growth and Development by The Preiss Company
The Preiss Company (TPCO), a prominent name in the student housing sector, has experienced remarkable growth and activity in 2024. This year has been marked by substantial achievements that highlight their strategic expansion and dedication to providing high-quality resident experiences.
Transactional Activity and Portfolio Expansion
Throughout 2024, TPCO has engaged in impactful transactions that significantly strengthened its portfolio:
First, the company secured 11 new third-party management assignments. These additions have increased their capacity by 4,700 beds across various markets, demonstrating TPCO's robust operational capabilities.
Additionally, TPCO completed six acquisitions, which amounted to a total of $304 million. This strategic investment approach showcases the company's commitment to growing its presence in key markets.
Moreover, the firm initiated two major development projects, contributing an investment of $208 million towards creating modern, multifamily housing solutions.
Another highlight of the year includes two successful recapitalizations, valued at $108 million, alongside three strategic property sales that totaled $158 million.
In total, the transactional activity for this year reached an impressive $778 million, underscoring TPCO’s dynamic strategies in navigating the housing market.
Innovative Multifamily Developments
In reinforcing its status as a leading developer in the multifamily housing sector, TPCO completed two cutting-edge communities this year:
The first project, Signature Music Row, is a boutique development featuring 161 beds situated in Nashville, TN, right in the heart of Music City, offering residents vibrant cultural experiences.
Additionally, the Edition on Rosemary, located in Chapel Hill, NC, consists of 244 beds designed to enhance the student living experience near the University of North Carolina at Chapel Hill, providing a prime location for students seeking convenience and quality.
National Recognition and Industry Rankings
As a testament to its strong performance, The Preiss Company has received numerous accolades and recognition within the multifamily industry. It was honored with a position on the prestigious 2024 National Best Places to Work Multifamily list.
Furthermore, TPCO secured top rankings in Student Housing Business's annual listings, including:
- #10 among the Top 25 Student Housing Owners,
- #10 among the Top 25 Student Housing Managers, and
- #8 in the category of Top Third-Party Student Housing Managers.
The company has also had eight properties ranked among the top in the J. Turner TALi scores for 2024, indicating a strong commitment to resident satisfaction and operational excellence.
Looking Toward the Future
As 2025 approaches, TPCO remains optimistic about continued growth and innovation. Adam Byrley, Chief Operating Officer at The Preiss Company, stated, “The accomplishments of 2024 reflect the hard work, strategic vision, and dedication of our entire team. From significant acquisitions to new developments, we are immensely proud of our achievements. Looking ahead, we are committed to enhancing the resident experience and expanding our footprint in key markets.”
About The Preiss Company
Celebrating over 37 years of operation, The Preiss Company is based in Raleigh, North Carolina, and specializes in the development, acquisition, and management of conventional multifamily and off-campus student housing. TPCO is ranked among the nation's top 10 largest privately held student housing owner-operators, reflecting its strong industry presence.
Frequently Asked Questions
What is The Preiss Company known for?
It is known for being a leading national developer and operator of student housing, offering high-quality resident experiences.
How has TPCO expanded its portfolio in 2024?
TPCO expanded its portfolio through acquisitions, new management assignments, and development of new multifamily housing projects.
What kind of awards has The Preiss Company received?
The company has been recognized in various industry rankings, including placements on the National Best Places to Work Multifamily list.
What are some recent projects completed by TPCO?
Recent projects include Signature Music Row in Nashville and Edition on Rosemary in Chapel Hill, both designed to enhance student living.
What is the company's commitment moving forward?
TPCO aims to continue expanding its market presence while enhancing resident experiences through quality housing developments.
