North Carolina State University student housing community Signature 1505 has been sold to a joint venture between The Preiss Co. and Nuveen Real Estate, TIAA’s investment management arm, for an undisclosed amount.

Located off of Hillsborough Street, Signature 1505 — formerly known as Theory Raleigh —h as 525 beds in one- two- three- and four-bedroom apartment layouts.

“Having just opened for the fall 2018 semester,” says Donna Preiss, founder and CEO of TPCO, “the Signature 1505 remains the newest student housing community for the Raleigh marketplace.”

A sign of the growing luxury accommodation trend in housing aimed at university students, each suite includes granite countertops, stainless steel appliances, hardwood-style flooring, full-sized washer and dryers and a 50-inch smart TV.

“With four additional properties in Raleigh,” said Preiss, “we are able to easily create economies of scale and systems for sharing best practices. We are familiar intimately with the market, and — perhaps more importantly — we know and understand what today’s student body requires to have a successful and fulfilling academic career.”

According to the release, TPCO has been the largest off-campus provider of student housing for N.C. State students for the last two decades. Preiss serves over 5,000 students in 17 properties in the Raleigh market.

Monthly rent at the Signature 1505 ranges from $645 for four-bedroom units to $1,499 for one-bedroom units.