KNIGHTDALE, NC – Officials at The Preiss Company (TPCO), Township Capital, Inc., one of the largest privately held privately owned student dormitory owners, and a private equity real estate fund advised by Crow Holdings Capital announced the joint-venture acquisition of the Conventional apartment building complex View at Legacy Oaks with 304 residential units for an undisclosed amount.
"We have worked with Crow Holdings for the past nine months to identify value-adding and core + multi-family acquisitions in key Southeastern markets," said Susan Folckemer, TPCO's chief acquisitions and development officer. “This is our ninth joint venture with Crow Holdings and we look forward to expanding our investments with them and expanding our market price portfolio. We expect this to be the first of several customary acquisitions and development announcements this year. "
“We are still looking for first class partners like The Preiss Company and look forward to further acquisitions in the coming months,” said Matthew Gorelik, CEO of Township Capital, Inc. “When motivated parties come together, we can move quickly together to create the strongest assets acquire. "
The complex is located at 1150 Baxter Lane and offers 1, 2 and 3 bedroom apartments, including walk-in closets, washer and dryer in the unit, arched doors, moldings, patios and sunrooms. Additional options are attached garages, improved surfaces and additional storage units.
Communal facilities include an oversized resort-style pool and sundeck, outdoor kitchen, 24-hour fitness center, playground, car care center, and dog park. In addition, residents can enjoy the proximity to I-540 as well as numerous shopping, entertainment and dining options.
TPCO will invest significant capital to improve the view at Legacy Oaks. The improvement program will consist of clubhouse and outdoor renovations, new outdoor paints and floors, upgrades to closets, appliances, counters and lights for the community over an 18 month period.
"The View at Legacy Oaks is already a highly rated community in this submarket and we are excited to add even more value to our residents with our planned interior and decor renovations," said Adam Byrley, COO of TPCO. "We believe that our world-class management team will create a unique and unforgettable living experience for existing and future residents."
