The North Carolina developer is active in a mostly-illiquid real estate environment.
Raleigh-Based (USA) Preiss Company Recapitalizes its Collective at Clemson, Plans Major Upgrade
July 20, 2023
The Preiss Company of Raleigh, NC has announced the successful recapitalization of its 598-bed Collective in Clemson in South Carolina, and plans a significant modernization upgrade in 2024.
The PBSH complex is located roughly one mile from campus.
In a public statement, Preiss says it plans to use funds from the recap toward a $3.8 million renovation. Preiss says it plans to upgrade most units and improve connectivity services. Improvements to units will include: stainless steel appliances, refinished cabinetry, quartz countertops, updated hardware, modern backsplashes, contemporary light fixtures, new interior paint, 70" smart television in the living room. Improvements will be made to common areas, as well, including the pool and fitness area.
"The Collective has been extremely successful for us since we acquired it nearly four years ago," said Adam Byrley, COO, TPCO. "We have brought in a new partner to provide fresh capital as we bring this asset to the levels that today’s student residents require. This next round of renovations and upgrades should only expedite that moving forward."
The Preiss Company specializes in the development, acquisition and management of conventional multifamily and off-campus student housing.
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