The Preiss Company (“TPCO”), the largest provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, and the University of Texas in Austin and the second largest provider at UNC Charlotte, has recently added Magnolia Lane Apartments to its South Carolina portfolio—the company’s third property in SC and second at Coastal Carolina. TPCO has been hired by property owner John Edwards to provide third-party management services to the apartment community located at 1512 Hicks Circle in Conway, SC and serves the students at both Coastal Carolina University and Horry-Georgetown Technical College.
Magnolia Lane Apartments is a 96-bed, 48-unit property that shares a property line with Coastal Carolina University. All 48 units are 2 Bedroom/2 Bath and will share property amenities with another TPCO property—University Village at the Coast. Although Magnolia Lane Apartments’ residents have access to an on-site pool, TPCO’s recent management of the property will allow residents to also take advantage of a fitness center with cardiovascular equipment and circuit training, state-of-the-art computer center, movie theater with stadium seating, sand volleyball court, gymnasium with indoor basketball courts, and game room with billiards room and foosball. Property Manager, Chloe George, says that her immediate priority is to flood the nearby campuses with flyers to let students know about TPCO’s events and specials.
“Right now, a majority of the students already have housing, so our main goal is to re-introduce Magnolia Lane Apartments to them under Preiss Company management and let them know about all of the property benefits and features available to them next year,” explains George. “In the meantime, we’ll be focusing on finding young professionals in the area to fill our vacancies. We’ll also be working with our sister property, University Village at the Coast, to host monthly socials so that we can begin building a sense of community.”
TPCO has been offering owners, lenders, and developers of student housing assets a third-party property management platform for several years. The effort was spearheaded by the company’s Acquisition and Development (A&D) Team in response to growing requests from several of their institutional relationships. TPCO Vice President, John Preiss, was in charge of securing the Magnolia Lane Apartments project and says that third-party property management is a good business direction given the current economic climate.
“We feel with the economy the way it is today, our biggest opportunity to grow The Preiss Company is in third-party management,” explains Preiss. “While we are still doing property acquisitions, third-party management is a way we can grow at a faster pace. We have the bandwidth to take on more properties and will be aggressively seeking out these opportunities in the future.”
About The Preiss Company
Founded in 1987 by Donna Preiss, TPCO (tpco.com) employs over 183 team members and provides a wide range of services including acquisition, property management, due diligence, construction management, development, and consulting for multi-family real estate investments. In its 22nd year, TPCO has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. The company was awarded the Steady Growth and Profitability Master Award by the Greater Raleigh Chamber of Commerce and was recently recognized by Triangle Business Journal as one of the top Women-Owned Businesses in the Triangle.