Township Capital today announced its participation alongside The Preiss Company and Hollomon Family Office to re-capitalize Eastern on Tenth, a student housing property in Greenville, N.C. The complex, originally developed by The Preiss Company in 2018, is located less than a mile from East Carolina University, the fourth largest university in the state.
Eastern on Tenth is a Class-A student housing asset with 425 beds within its 165 units. The three-building complex is located less than a mile from East Carolina University, along East 10th Street with direct access to campus via East Carolina University’s bus system.
“We were pleased to be able to work alongside The Preiss Company to re-capitalize this asset,” said Matthew Gorelik, CEO at Township Capital. “Collaborating with such an experienced sponsor in this market and the consistent alignment of our student housing strategies contributed greatly to the success of this project.”
Eastern on Tenth features garden-style units in studio, one-, two- and three-bedroom floor plans with up to 983 square feet per unit. Residing students enjoy several in-unit amenities including private bedrooms and bathrooms, walk-in closets, and kitchens with granite countertops and stainless-steel appliances. Residents also indulge in community amenities ranging from an outdoor lounge complete with a resort-style pool, cabanas and grilling stations to a 24-hour clubhouse and fitness center as well as private study rooms. Additionally, rents at the facility are typically $50-150 lower than nearby campus housing.
“When we took on Eastern on Tenth as a development, we felt it was a strong growth opportunity to expand our presence and serve the student body in North Carolina,” said Susan Folckemer, Chief Acquisitions & Development Officer at The Preiss Company. “Nearly 3 years later, we’re pleased to be able to re-capitalize this asset alongside steady partners like Township Capital and Holloman Family Office to make an impact and further expand our student housing portfolio.”
East Carolina University (“ECU”) has 28,800 students as of Fall 2021 and is projected to grow 1.5% per year to 30,600 students by Fall 2024. It is ranked 213 among National Universities and 107 among Top Public Schools. ECU has a NCAA Division 1 ranked varsity athletics program with student athletes competing in the NCAA Division I American Athletic Conference.
Using its unique passive co-GP model, Township Capital has acquired nearly 20,000 student housing beds. Student housing acquisitions in its portfolio range across the United States with properties in California, Delaware, Florida, Georgia, Indiana, Maryland, Michigan, North Carolina, South Carolina, Tennessee, and Texas.
About Township Capital, Inc.
Township Capital, Inc. is a leading co-GP real estate investment firm headquartered in Beverly Hills, CA. Founded by CEO Matthew Gorelik in 2014, the firm has experience investing across all major property types with a specialty in student housing, senior living, multifamily, and industrial. For more information on Township Capital, visit townshipinc.com.
About The Preiss Company
Celebrating its 34th year, Raleigh, North Carolina-based, The Preiss Company (TPCO) specializes in the development, acquisition and management of multifamily & student housing. For more information, visit www.tpco.com.
JConnelly for Township Capital
Kasey Munsch, Vice President of Marketing
The Preiss Company