Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas
SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed.
Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area.
TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service.
Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, clubhouse, computer lab, cybercafé, swimming pool and pool table.
TPCO also plans to upgrade Rebel Place with electronic key-fob entry. Additional plans call for new paint, lighting, and pool and internet enhancements. Rebel Place is TPCO’s first asset in Nevada.
Since January 2019, TPCO has completed $480 million in transactions, according to Susan Folckemer, chief acquisitions and development officer. “At this rate, we remain en route to our biggest growth year overall,” she says.
TPCO, based in Raleigh, N.C., specializes in the development, acquisition and management of off-campus student housing.
BCEGI is a U.S. subsidiary of Beijing Construction Engineering Group, headquartered in Beijing. The investment arm focuses on real estate development, investment and acquisition.
— Kristin Hiller