[July 13, 2017] |
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The Preiss Company Acquires 840-Bed, 228-Unit Mercury 3100 in Orlando, Fla., in Joint Venture
Officials of The Preiss Company (TPCO), ranked the nation's fifth
largest, privately-held, student housing owner-operator, today announced
that it has acquired in a joint venture with a private investment group
the 840-bed, 228-unit Mercury 3100 student housing complex in Orlando,
Fla., for an undisclosed amount. Catering to the University of Central
Florida, the property rests on nearly 40 acres situated approximately
seven blocks from campus. It is the company's second joint venture
acquisition in the market.
"Our acquisition process involves thoroughly understanding both the
property and the market in which we invest," said Donna Preiss, founder
and CEO, The Preiss Company. "In addition to evaluating hundreds of
campuses nationwide, we are attracted to markets where we already have a
successful footprint. The in-depth knowledge of working in a market, the
reputation we build with the University and student population and the
economies of scale make this type of investment especially compelling.
"Mercury 3100 is a great example. Through another joint venture, we own
and operate the Orion student housing community in Orlando, located
within two miles of Mercury 3100. Orion consistently has been 100
percent occupied with average annual rental increases of five percent
since we acquired it nearly three years ago.
"The Orlando market has many diverse economic drivers, and the
Universiy of Central Florida's enrollment has enjoyed a steady
increase. UCF's student body has grown 87 percent from 2000 to 2015, and
today boasts the largest undergraduate enrollment in the country.
Mercury 3100 will benefit from a substantial, multi-million-dollar
upgrade, repositioning and student-focused management that creates a
significant value-add opportunity."
The student housing complex offers the latest in amenities, including
outdoor swimming pool with sundeck, sand volleyball court, 24-hour
fitness center with free weights, cardio equipment and machines,
complementary tanning beds, basketball court, computer center with free
printing, UCF shuttle service, recreation center, bike storage and ample
on-site parking. Fully equipped apartments feature leather-style
furniture in select units and fully furnished private bedrooms.
Additionally, units feature private bathrooms, full kitchens and
full-sized washer and dryer.
The renovation process will focus on both exterior and unit upgrades.
The clubhouse will receive a new design package and furnishings, as well
as new gym equipment and A/V system upgrades. Exterior improvements
include clubhouse upgrades, a basketball court addition and
significantly improved internet capabilities. The three-story buildings
also will receive new paint and roofing. Other upgrades include new
exterior lighting, HVAC replacements, parking lot resurfacing,
landscaping and pool enhancements.
Additionally, TPCO plans to significantly improve 114 units with new
flooring, upgraded lighting package and black appliances. The remaining
114 units will further upgrade to a Premium Package, which includes new
flooring, furniture, lighting, black appliances, granite kitchen and
bathroom countertops, resurfaced kitchen and bathroom cabinets and
hardware.
About The Preiss Company
Celebrating its 30th year, Raleigh-based, The Preiss Company specializes
in the development, acquisition and management of off-campus student
housing. The company is ranked the nation's fifth largest,
privately-held, student housing owner-operator. For more information,
visit www.tpco.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170713005658/en/
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