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The Preiss Co. has acquired and capitalized a pair of student housing development sites in Knoxville, Tenn., and Raleigh, N.C., to be developed in partnership with Monarch Alternative Capital. The properties serve the University of Tennessee and North Carolina State University.

Scheduled to be delivered in fall 2027, the communities are the Signature on Grand in Knoxville, Tenn., and Signature on Varsity in Raleigh, N.C. Collectively, they total 1,200 beds and feature studio, one-, two-, three-, four- and five-bedroom floorplans.