CLEMSON, S.C.--(BUSINESS WIRE)--Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the successful recapitalization of the 598-bed Collective at Clemson in S.C., its second such announcement in the past month. Slated to begin spring 2024, the 184-unit complex will utilize a portion of fees towards a $3.8 million renovation to enhance the fitness center and swimming pool, as well as undergo physical upgrades to most units and improvements to internet services. The property will continue to be managed by TPCO.
“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. The Collective continually has been one of the first properties to fill up every year, and this next round of renovations and upgrades should only expedite that moving forward.”
Located just one mile from Clemson University at 673 Old Greenville Highway, the complex provides 2-, 3-, 4- and 5-bedroom floor plans. Each unit features private bathrooms and bedrooms with walk-in closets, chic modern finishes, open-concept floor plans with ample storage space, full-size washer and dryer and a bonus half-bath on the first floor for guests. The pet-friendly cottages and townhomes boast stained concrete flooring throughout the common areas, plush bedroom carpeting, patios and front porches. Spacious kitchens are equipped with granite countertops, sleek black appliances and shaker cabinets with brushed nickel hardware. Wood-style flooring, balconies and covered car ports are available in select units.
The multi-million dollar renovation plans include upgrading 75% of units with stainless steel appliances, refinished cabinetry, quartz countertops, updated hardware, modern backsplashes, contemporary light fixtures, new interior paint color, 70” smart television in the living room and slight bathroom improvements. Additional upgrades also will be made to the fitness center and swimming pool, and internet services will be enhanced. Finally, 43 additional units will receive new furnishings.
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.
