Newmark arranged the sale of a five-property student housing portfolio comprising 1,248 units and 3,693 beds across Florida, Texas, Indiana and North Carolina. Terms were not disclosed. For The Preiss Company (TPCO), which owned the portfolio in a joint venture with Nuveen, it’s the single largest transaction to date.
A Newmark team led by Head of Student Housing Ryan Lang, managing director Jack Brett and director Ben Harkrider, in cooperation with locally licensed Newmark advisors, represented TPCO and Nuveen in the sale. Newmark Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Chris Kramer, executive managing director Ben Roelke and senior managing director Peter Griesinger also supported the transaction.
The portfolio includes properties located near the University of Florida, Texas State University, Indiana University, North Carolina State University and The University of Texas at Austin. The universities average enrollments of more than 47,000.
“This record portfolio transaction reinforces the burgeoning demand for premium student housing assets adjacent to prestigious universities,” said Lang. “As enrollment numbers continue to rise and campuses expand, investors are seeking more opportunities in well-located, high-quality student housing, a resilient and attractive asset class.”
For its part, TPCO characterized the transaction as a recapitalization. John Revington, EVP of Investments at TPCO, said the recap “not only reinforces our national presence but also allows us to implement cutting-edge enhancements that will add value to the properties while improving the resident experience.”
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