Student housing owner-operator The Preiss Company (TPCO) has acquired and rebranded Elevate 231, now known as The Collective at Columbia. Terms were not disclosed. Located in Columbia, MO, the 100% occupied property serves students attending the University of Missouri and features 318 units with 972 beds.

TPCO COO Adam Byrley said, “The Collective at Columbia is a premier choice for student living, combining top-tier amenities, thoughtfully designed living spaces and a sense of community that enhances the overall college experience.”

To elevate the property further, TPCO plans to launch a comprehensive interior renovation initiative for approximately 50% of the units. Planned upgrades include the installation of new cabinets, countertops, lighting and flooring, along with modern furniture packages and smart home technology through the installation of key fob entry systems and smart thermostats.

The full-term, interest-only financing for the transaction through a life company was arranged by Newmark’s Ben Roelke and Ian Walker.

Libertyville-based AXSYS Capital closed on the purchase of 853 Medical Drive, a 15,366-square-foot mixed-use office property in Wentzville, Missouri, for $3.6 million.

The transaction marks AXSYS Capital’s seventh acquisition in Missouri and is the third purchase made by the company’s “AXSYS Capital Fund I, LP.” The company will hold the property for long-term cash flow for its investors. 

Skyline Commercial Real Estate’s Jason Riegelsberger and Luke Grant represented AXSYS Capital in the transaction. Brian Kelley of Revel Commercial Real Estate represented the seller, Asher CRE, LLC. Carrollton Bank provided financing with a permanent, fixed-rate loan of $1,952,500, representing an LTV ratio of 55 percent. 

Built in 2005, 853 Medical Drive is a “medtail” property that features six commercial units along Wentzville Parkway adjacent to SSM Health St. Joseph Hospital – Wentzville. The property sits along a dense retail corridor and is located across from Wentzville Bend, an 80-acre mixed-use development under construction that will be anchored by a 158,400-square-foot Menards.

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