Market Overview

The Preiss Company/TH Real Estate Joint Venture Acquires 450-Bed Student Housing Complex, The Forum at Sam Houston


Second Joint Venture Acquisition in Last Two Months

Officials of The Preiss Company (TPCO), one of the nation's largest,
privately-held, student housing owner-operators, in a joint venture with
TH Real Estate, an affiliate of Nuveen, the investment management arm of
TIAA, one of the world's largest real estate investment managers, today
announced the acquisition of the 450-bed student housing complex The
Forum at Sam Houston. Located at 3019 Sam Houston Ave., in Huntsville,
Texas, the garden-style community on nearly 12 acres is less than a mile
from Sam Houston State University.

The property will begin a substantial renovation this fall, including
upgrades to the clubhouse, as well as exterior and interior painting.
Units will receive new furniture, flooring and kitchen backsplashes.
TPCO will manage the property and oversee the renovation.

"This is our second joint venture acquisition with TH Real Estate in the
past two months, and we seek other opportunities to build on our
relationship with them," said Donna Preiss, founder and CEO, TPCO. "We
believe the renovation, new management and energy we bring to The Forum
at Sam Houston will allow us to increase occupancy for the 2018/2019
school year by as much as 10 percent above current levels with a target
in the mid- to high-90 percent leasing range."

Built in 2011, the property features some of the markets' largest units
in studio, one-, two- and three-bedroom floor plans. All units include
private bedrooms and bathrooms, as well as walk-in closets. The gated
community features a resort-style swimming pool, basketball court, sand
volleyball court and 24-hour clubhouse, cyber cafe and fitness center.
An outdoor lounge with fireplace and two pet parks round out amenities.

The property is within easy biking distance to all university classrooms
and athletic facilities, as well as a large offering of nearby retail
and restaurant outlets. In addition, the property provides private bus
service to and from campus.

"We are well versed in this market, having acquired a property in
Huntsville with another joint venture partner last year, which is
performing quite well," Preiss said. "Sam Houston State University's
enrollment has enjoyed an average of 2.7 percent annual expansion since
2007, and today boasts more than 20,000 students, with strong growth
expected to continue. The supply/demand dynamics for this market are
quite positive.

"Based on our current acquisition pipeline, we expect the second half to
be much more active than the first half," she noted. "We remain quite
positive on the outlook for the industry, especially in our acquisition
profiles of newer, well performing properties; upgrade opportunities,
like the Forum at Sam Houston, and deep turnaround/repositioning
situations for properties 10 years and older."

About TH Real Estate

TH Real Estate, an affiliate of Nuveen (the investment management arm of
TIAA), is one of the world's largest real estate investment managers
with $109 billion in assets under management as of 31 December 2017.
Managing a suite of funds and mandates spanning both debt and equity
across diverse geographies, sectors, investment styles and vehicle
types, the company provides access to every aspect of real estate

About The Preiss Company

Celebrating its 30th year, Raleigh-based, The Preiss Company specializes
in the development, acquisition and management of off-campus student
housing. The company is ranked in the nation's top 10 largest,
privately-held, student housing owner-operator. For more information,

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