The Preiss Company, Township Capital and a private equity real estate fund advised by Crow Holdings Capital have acquired View at Legacy Oaks, a multifamily housing complex in Knightdale, North Carolina. No financial terms were disclosed.
KNIGHTDALE, N.C.–(BUSINESS WIRE)–Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, Township Capital, Inc., and a private equity real estate fund advised by Crow Holdings Capital today announced the joint-venture acquisition of the 304-unit conventional multi-family housing complex, View at Legacy Oaks, for an undisclosed amount.
“We have been working with Crow Holdings over the past nine months to identify value-add and core+ multi-family acquisitions in key southeastern markets,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “This is our ninth joint-venture with Crow Holdings, and we look forward to expanding our investments with them and adding to our market-rate portfolio. We anticipate that this will be the first of several market-rate acquisitions and development announcements this year.”
“We continue to seek best-in-class partners such as The Preiss Company and look forward to more acquisitions in the coming months,” said Matthew Gorelik, CEO, Township Capital, Inc. “When motivated parties come together, we collectively can move quickly to acquire the strongest of assets.”
Located at 1150 Baxter Lane, the complex offers 1-, 2- and 3-bedroom apartments with features including walk-in closets, in-unit washer & dryer, arched doorways, crown molding, patios and sunrooms. Additional options include attached garages, upgraded finishes and additional storage units.
Communal amenities include an oversized resort-style pool and sundeck, outdoor kitchen, 24-hour fitness center, playground, car care center and dog park. Additionally, residents can enjoy the proximity to I-540, as well as numerous shopping, entertainment and restaurant venues.
TPCO will invest significant capital to upgrade the View at Legacy Oaks. The improvement program will consist of clubhouse and outdoor space renovations, new exterior paint and flooring, cabinet, appliance, counter and light fixture upgrades to the community over an 18-month period.
“The View at Legacy Oaks already is a highly-rated community in this submarket, and we’re excited to bring even more value to our residents with our planned renovations to the interiors and amenity areas,” said Adam Byrley, COO, TPCO. “We believe our best-in-class management team will create a unique and memorable living experience for existing and future residents.”
About The Preiss Company
Celebrating its 34th year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of multifamily & student housing. For more information, visit www.tpco.com.
About Crow Holdings Capital
Crow Holdings Capital (CHC) is the real estate investment management platform of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history, $20 billion in assets under management, and a strong track record of performance, partnership and innovation. For more than 20 years, CHC has implemented value-add investment strategies in partnership with leading global investors, generating attractive returns in multifamily, industrial and niche sectors across market cycles. Led by a highly experienced leadership team, CHC manages $11 billion in real estate assets. For more information, please visit www.crowholdings.com/chc.
About Township Capital, Inc.
Township Capital, LLC is a leading co-GP real estate investment firm headquartered in Beverly Hills, CA. Founded by CEO Matthew Gorelik in 2014, the firm has experience investing across all major property types with a specialty in student housing, senior living, multifamily, and industrial. For more information on Township Capital, visit townshipinc.com.