COLUMBIA, MO. — The Preiss Co. has acquired Elevate 231, a 972-bed student housing community located near the University of Missouri campus in Columbia. The development, which has been rebranded The Collective at Columbia, offers 318 cottage-style units in two- through four-bedroom configurations. Shared amenities at the 50-acre property include a newly renovated clubhouse, resort-style swimming pool, dog park, sand volleyball court and outdoor grilling and cornhole areas. The community was fully occupied at the time of sale.
The new ownership plans to launch a comprehensive interior renovation for approximately half of the units imminently. Upgrades will include the installation of new cabinets, countertops, lighting and flooring, as well as the addition of modern furniture packages and smart home technology.
Ben Roelke and Ian Walker of Newmark arranged acquisition financing. An undisclosed life insurance company provided the loan, which features a 65 percent leverage, low fixed interest rate and interest-only payments for the full term of the loan with flexible prepayment structures.