SAN MARCOS, Texas--(BUSINESS WIRE)--Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the recapitalization of the 486-bed Outpost San Marcos in Texas. New equity will go toward a major renovation of the premier, off-campus apartments. The Outpost San Marcos is owned in a joint acquisition between TPCO and a Los Angeles-based real estate investment firm, an owner and investor focused on all aspects of commercial real estate, especially on student housing and conventional apartments.
“For the past eight years, The Preiss Company has owned and operated The Outpost San Marcos, and the property has performed extremely well through the years,” said John Preiss, president, TPCO. “It is a testament to our team to have been able to complete this recapitalization during a tough capital market environment.”
Nine months in the making, the transaction marks TPCO’s first of 2023. It also represents the third joint venture project between TPCO and the same company.
“We've completed more than 15 recaps over the past decade, representing 10,000-plus beds, 5,000 of which remain in our portfolio,” Preiss added. “This refresh will allow us to meet the evolving needs and desires of students looking for the latest amenities and services available today.”
Situated on Post Road near Texas State University's Bobcat Stadium and just 1.5 miles from Texas State University, the complex offers 2-, 3- and 4-bedroom, pet-friendly apartments, all with private furnished bedrooms and private bathrooms. Apartments feature faux wood flooring, leather style living room furniture, high speed internet and cable, a full-size washer and dryer and private balconies. Residents may select upgraded, premium floor plans with new, stainless steel appliances and a 55" Smart TV included in the living room furniture package.
The $3.3m renovation plans include upgrading cabinetry, countertops, flooring and furniture in more than half the units. The exterior will receive new siding and roofing, while the clubhouse will receive an amenity revamp. The property’s internet capabilities also will be upgraded.
About The Preiss Company
Celebrating its 36th year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of conventional multifamily and 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.
