The Preiss Company (TPCO), one of the nation’s largest, privately held student housing owner-operators, proudly announces the acquisition and rebranding of Elevate 231, now known as The Collective at Columbia.
This premier, cottage-style community, located in Columbia, Missouri, serves students attending the University of Missouri (Mizzou) and features 318 units with 972 beds, offering a diverse mix of floor plans ranging from two- to four-bedroom options. The property is 100% occupied for the 2024-2025 lease term, reflecting its strong appeal within the Mizzou student housing market.
“We are excited to expand our presence in the Columbia market and introduce The Collective brand to the University of Missouri community,” said Adam Byrley, Chief Operating Officer at The Preiss Company. “The Collective at Columbia is a premier choice for student living, combining top-tier amenities, thoughtfully designed living spaces and a sense of community that enhances the overall college experience.”
To elevate the property further, The Preiss Company plans to launch a comprehensive interior renovation initiative for approximately 50% of the units. Planned upgrades include the installation of new cabinets, countertops, lighting and flooring, as well as the addition of modern furniture packages. Smart home technology will also be integrated through the installation of key fob entry systems and smart thermostats, providing residents with enhanced security and convenience. Upon completion, The Collective at Columbia will set a new benchmark for off-campus student housing at Mizzou.
“By investing in these strategic upgrades, we aim to position The Collective at Columbia as the top choice for students seeking a high-quality living experience,” added Sara Clark, Executive Vice President of Property Management at The Preiss Company. “Our goal is to create an environment that not only meets the needs of today’s students but also fosters an engaging, vibrant lifestyle.”
Financing for the transaction was arranged by Ben Roelke and Ian Walker, the leaders of Newmark’s student housing debt team. The Life Company loan features 65% leverage, a low fixed rate, full-term interest only and a flexible prepayment structure, supporting The Preiss Company’s strategic growth objectives for the asset and in the region.
Founded in 1987 and headquartered in Raleigh, North Carolina, The Preiss Company specializes in the development, acquisition, and management of conventional multifamily and off-campus student housing. With over three decades of experience, TPCO has grown into one of the largest privately held student housing providers in the United States, consistently ranked among the top 10 in the nation.
