The Preiss Company/Township Capital Partnership Re-Capitalizes 425-Bed Eastern on 10th Student Housing Complex
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GREENVILLE, N.C.--(BUSINESS WIRE)-- Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in partnership with Township Capital, a leading co-GP real estate investment firm, today announced the completion of the Eastern on 10th student housing complex’s re-capitalization program. Located in Greenville, N.C., the three-building, 425-bed complex was developed by Preiss in 2018 and serves East Carolina University.
“Re-capitalizing this well-located student housing complex fits in to our strategy to develop Class A student housing located within one mile of selective universities which Preiss intends to hold on a long-term basis,” said Susan Folckemer, chief acquisition and development officer, TPCO. “We remain upbeat about student housing and continue to seek attractive investment opportunities in strong markets with high barriers to new entry.”
Eastern on 10th
Situated less than a mile from East Carolina University on East 10th Street, the 165-unit complex provides fully furnished 1-, 2 and 3-bedroom apartments with private bedrooms and baths. Garden-style units feature spacious walk-in closets, faux stainless-steel appliances and granite countertops. The Eastern on 10th also offers, pool views, patios and balconies in select units. Rental fees also include water, trash, high-speed internet access and sewer services.
Additional amenities include outdoor lounge spaces with a resort-style pool and a sun deck and a 24-hour fitness center with cardio machines, weights and a heavy bag. Residents also are invited to use 24/7 resident clubhouse with lounge areas, self-serve coffee bar and gaming area, as well as the study lounge and cybercafé.
“We continue to seek best-in-class partners such as The Preiss Company as we pursue our own aggressive growth plans,” said Matthew Gorelik, CEO, Township Capital. “The Eastern on 10th continues to be an outstanding investment, and we look forward to doing similar deals with TPCO in the future.”
About The Preiss Company
Celebrating its 33rd year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of 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.
About Township Capital, Inc.
Township Capital, Inc. 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.
Kasey Munsch, Vice President of Marketing
Source: The Preiss Company
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