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The Preiss Co. has acquired and rebranded Elevate 231, a student housing community in Columbia, Mo. The property, now known as The Collective at Columbia, is a cottage-style community serving students attending the University of Missouri.

“The financial data was very limited, creating large holes in underwriting the asset,” John Preiss, president of The Preiss Co., told Multi-Housing News. “We were uniquely set up to overcome this by using like products in our existing portfolio to fill the gaps. We were able to satisfy both debt and equity requirements with this.”

Sprawling across more than 50 acres, the community features 318 units and 972 beds. Floor plans extend from two- to four-bedroom options. The property’s appeal to Mizzou students is reflected in its 100 percent occupancy for the 2024-2025 academic year.