N.C. company buys Canopy Apartments in Gainesville
Published: Friday, July 5, 2013 at 2:04 p.m.
Last Modified: Friday, July 5, 2013 at 2:04 p.m.
The Preiss Company of Raleigh, N.C., has acquired the Canopy Apartments in Gainesville for $36.25 million, the company announced.
Canopy is a 240-unit, 770-bed student housing complex with five three-story buildings at 4400 SW 20th Ave. It was built on the site of the former Alamar Gardens trailer park in 2009 through a partnership with Arlington Properties of Birmingham, Ala., and Venture Realty of Gainesville.
Chief Investment Officer John Preiss noted in a news release that the company bought the complex below replacement cost, or what it would cost to build from the ground up.
Canopy offers fully furnished two- to four-bedroom units and is 95 percent occupied, Preiss said.
Preiss Company owns 32 student housing properties. The company acquired six of those properties in the past 12 months and is negotiating to buy more to take advantage of low interest rates and attractive pricing, he said. Canopy is the company's first Florida property.