The Preiss Company Announces Recapitalization of the Collective at Auburn

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Officials at The Preiss Company (TPCO) , one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, November 1, 2023
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Tags: 
Education, Residential Building & Real Estate, Construction & Property, University, TPCO, Patio, Auburn University, Housing, The Preiss Company, Multimedia, Interior design, Auburn
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UNITED STATES, NORTH AMERICA, ALABAMA
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Organisation: 
PREISS, THE PREISS COMPANY
Summary
Key Points: 
  • Officials at The Preiss Company (TPCO) , one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama.
  • View the full release here: https://www.businesswire.com/news/home/20231101968836/en/
    Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama (pictured).
  • (Photo: Business Wire)
    “This marks TPCO’s third asset recap completed this calendar year,” said Adam Byrley, chief operating officer.
  • The pet-friendly cottages and townhomes boast stained concrete flooring throughout the common areas, plush bedroom carpeting, patios and front porches.


Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama. With enhancements slated to begin spring 2025, the 208-unit complex will feature upgrades to the interiors of select floorplans, more furnished apartments and improved access control. The property will continue to be managed by TPCO.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231101968836/en/

Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama (pictured). (Photo: Business Wire)

Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 600-bed Collective at Auburn in Alabama (pictured). (Photo: Business Wire)

“This marks TPCO’s third asset recap completed this calendar year,” said Adam Byrley, chief operating officer. “We continue to seek assets that will benefit from targeted capital improvement plans, allowing us to provide a superior, ‘like-new’ product for our tenants. We believe our familiarity with the Auburn market, coupled with the interior upgrades and popularity of the cottage-style units, will produce an unmatchable product that will resonate with the community.”

Located minutes from Auburn University at 721 Aspen Heights Lane, the complex provides 2-, 3- and 4-bedroom floor plans. Each unit features private bathrooms and bedrooms with walk-in closets, chic modern finishes, open-concept floor plans with ample storage space, full-size washer and dryer and a bonus half-bath on the first floor for guests. The pet-friendly cottages and townhomes boast stained concrete flooring throughout the common areas, plush bedroom carpeting, patios and front porches. Spacious kitchens are equipped with granite countertops, sleek black appliances and shaker cabinets with brushed nickel hardware. Residents may enjoy a variety of additional amenities, including a 24/7 fitness center, outdoor Olympic-sized pool, basketball court, tanning salon, volleyball court, game room, movie theater and full-service business center.

The multi-million dollar renovation plans include upgrading 3-, and 4-bedroom units with quartz countertops, stainless steel appliances and refreshing interior paint schemes. Further improvements include modernizing unit access controls and enabling the use of mobile credentials. Finally, 25% of the additional units will become fully furnished.

About The Preiss Company

Celebrating its 36th 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.

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