The Preiss Company Selected to Manage Student Housing Community at University of Tennessee-Martin
The 384-bed The Station at Martin is Company's Second Student Housing Community in State of Tennessee
Jun 15, 2015, 06:56 ET
MARTIN, Tenn. and RALEIGH, N.C., June 15, 2015 /PRNewswire/ -- The Preiss Company has been selected by Stonemont Financial Group to manage The Station at Martin, a 384-bed student housing community serving The University of Tennessee at Martin. This marks the 15th new property management assignment for The Preiss Company in the past nine months, including the second community in the state of Tennessee.
The Station at Martin, located at 237 W. Peach Street and formerly known as The Reserve at Martin, is within walking distance to campus and has consistently been the top off-campus housing choice for University of Tennessee at Martin students. With over 7,000 students enrolled, The University of Tennessee at Martin is the third largest institution in the University of Tennessee system. The Station at Martin features large 4 bedroom, 4 bath units, swimming pool, tennis court, clubhouse with fitness center, and vast amounts of green space, making it a top choice for UT-Martin students.
Stonemont Financial Group, a national real estate investment firm specializing in student housing investments, worked with The Preiss Company on previous projects.
"The Preiss Company has been a great fit for our student housing investments in the past, and we look forward to the success that we are confident they will bring to this newest community, The Station at Martin," said Bob McMahon, co-founder of Stonemont Financial.
As part of the rebranding effort, the property will undergo capital improvements to both the community clubhouse space and interior units. The clubhouse will be renovated to feature more open, community areas where students can study and socialize in a much more modern setting. In addition, there are plans to create a group study coffee lounge area overlooking the pool and to upgrade the fitness center to accommodate 24/7 accessibility. Interior unit upgrades will feature new appliances, vinyl plank flooring, lighting and mini-blind packages, as well as new sleek, stylish furniture offerings.
"The Station at Martin is the perfect option for off-campus housing at UT-Martin," said Adam Byrley, Executive Vice President of Property Management for The Preiss Company. "We are extremely excited to have been selected to manage this community. The capital improvements will really allow this property to shine even brighter than it has before."
Monthly rents begin at $425 per student, which includes all utilities and furniture. Additional information is available at www.stationatmartin.com
About The Preiss Company
Celebrating its 28th year, Raleigh-based The Preiss Company specializes in the development, acquisition, and management of off-campus student housing. The company currently is the nation's third largest privately held owner-operator of private student housing. The company's portfolio currently is comprised of 45 managed sites located in 14 states and 23 markets. For more information, visit www.tpco.com.
About Stonemont Financial Group
Stonemont Financial Group is a national real estate investment firm specializing in structuring single-tenant net leases for sale-leasebacks and new development build-to-suits, and student housing investments. Stonemont Financial Group's real estate practice was formed to be an extension of its clients' real estate and finance teams. Stonemont's core group of experienced realty capital partners builds long-term relationships through a results-driven, flexible approach. Stonemont Financial Group's principals have structured and financed more than $17 billion in transactions over the past two decades.
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SOURCE The Preiss Company
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