The Preiss Company and a private real estate fund advised by Crow Holdings Capital have acquired the 694-bed Luxx, a student housing community that serves the University of Texas at San Antonio. No financial terms were disclosed.
SAN ANTONIO & RALEIGH, N.C.–(BUSINESS WIRE)–Officials of a joint venture comprised of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, today announced the acquisition of the 694-bed Luxx. This marks TPCO’s second acquisition in San Antonio and the third overall in 2019.
“With three completed deals in January, we are on track for the busiest quarter in our history, if not the strongest growth year we’ve experienced ever,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “We will continue to take advantage of the prevailing marketplace as we continue to expand our footprint nationwide. Our pipeline remains full, and we expect to announce additional deals in the coming weeks.”
Serving the University of Texas San Antonio, The Luxx offers numerous room layouts for one, two and four beds. The community features a Las Vegas-style swimming pool area with swim-up bar, submerged seating and outdoor cabanas, as well as a 30-person hot tub. Additional amenities include a covered patio with grills and flat screen televisions; advanced cyber lounge; private study rooms; community Wi-Fi; and a 24/7, two-story fitness center with its own spin room. All rooms are fully furnished, complete with energy-efficient appliances, wood-style flooring, ceiling fans, washer, dryer and deluxe, modern furniture.
TPCO will operate the student housing community and oversee a multi-million enhancement program. Improvements include updating the clubhouse and installing new computer equipment. Additionally, The Luxx will receive new, LED exterior lighting, as well as refurbishments to outdoor amenities and the dog park. Front door key fobs also are being upgraded.
“Our goal is to provide any and everything a student could need to have the most successful academic experience possible,” noted Donna Preiss, founder and CEO, TPCO. “We regularly are polling our student residents and tweaking our portfolio to match their requests. Following the completion of the upgrades and the implementation of our proprietary management and marketing systems, The Luxx will be well positioned as the preferred student living community in the area.”
About The Preiss Company
Celebrating its 32nd year, Raleigh-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 largest, privately-held, student housing owner-operator. For more information, visit www.tpco.com.