JV Buys Student Housing Asset for Estimated $35M

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AUSTIN, TX-In their third joint venture deal of the year, the Preiss Co. of Raleigh, NC and Chicago-based Harrison Street Real Estate Capital have acquired the five-year-old, 1,152-bed Crossing Place student housing project near the University of Texas-Austin. The 348-unit property was in foreclosure when it was sold.

Principals at both firms declined to disclose the purchase price. However, area brokers familiar with comparable projects in the Southwest tell GlobeSt.com the estimated per-bed-price was in the $30,000 range. That would make the estimated aggregate price of the asset $35 million. Officials at Preiss and Harrison declined to comment on the estimated price.