A joint venture comprised of The Preiss Company (TPCO), a privately-held, student housing owner-operator, and a private real estate fund advised by Crow Holdings Capital has acquired a student housing community in San Antonio, the 694-bed Luxx. This marks TPCO’s second acquisition in San Antonio and the third overall in 2019.
“Our pipeline remains full, and we expect to announce additional deals in the coming weeks,” said Susan Folckemer, chief acquisitions and development officer, TPCO.
Serving the University of Texas San Antonio, The Luxx offers numerous room layouts for one, two and four beds. The community features a Las Vegas–style swimming pool area with swim-up bar, submerged seating and outdoor cabanas, as well as a 30-person hot tub. Additional amenities include a covered patio with grills and flat-screen televisions; advanced cyber lounge; private study rooms; community Wi-Fi; and a 24/7, two-story fitness center with its own spin room. All rooms are fully furnished, complete with energy-efficient appliances, wood-style flooring, ceiling fans, washer, dryer and deluxe, modern furniture.
TPCO will operate the student housing community and oversee a multi-million-dollar enhancement program. Improvements include updating the clubhouse and installing new computer equipment. Additionally, The Luxx will receive new LED exterior lighting, as well as refurbishments to outdoor amenities and the dog park. Front-door key fobs also are being upgraded.
“Our goal is to provide any and everything a student could need to have the most successful academic experience possible,” noted Donna Preiss, founder and CEO, TPCO. “We regularly are polling our student residents and tweaking our portfolio to match their requests. Following the completion of the upgrades and the implementation of our proprietary management and marketing systems, The Luxx will be well positioned as the preferred student living community in the area.”