JLL secures joint venture equity for two student housing developments in Tennessee and North Carolina

DALLAS, Mar. 18, 2025 – JLL Capital Markets announced today that it has arranged the joint venture equity for the development of two student housing communities: Signature on Varsity and Signature on Grand. These projects will cater to the growing student populations at North Carolina State University and the University of Tennessee.

JLL worked on behalf of the owners, The Preiss Company and FD Stonewater, to secure the equity partner.

Signature on Varsity will be a 221-unit, 679-bed community located at 1406 Varsity Dr. in Raleigh, North Carolina, adjacent to North Carolina State University. The property will offer studios to five-bedroom units averaging 1,166 square feet. It is located within walking distance of NC State's main campus and the university's new Innovation District, a 30-acre mixed-use research development. The student housing community is strategically positioned to capture growing enrollment at NC State, which has increased by over 3,000 students since 2015.

Signature on Grand in Knoxville, TN, will consist of 158 units with 528 beds situated at 1727 Grand Ave., just blocks from the University of Tennessee campus. Featuring studios to five-bedroom floor plans averaging 1,101 square feet and the favorable location a few blocks from Cumberland Ave., which provides easy access to dining, shopping and entertainment options. It will cater to the university's rapidly growing student population, which has increased by approximately 10,000 students since 2019.

Both properties are scheduled for completion in 2027.

The JLL Capital Markets team was led by Managing Directors Teddy Leatherman and Scott Clifton, Senior Director Jayme Nelson and Director Kevin Kazlow.

"These best-in-class developments are well-positioned to meet the strong demand for high-quality student housing in two dynamic university markets," Leatherman said. "Both Raleigh and Knoxville have experienced tremendous enrollment growth and population gains, creating an ideal environment for purpose-built student communities. We're pleased to help bring these projects to fruition through this equity raise."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 1987 and headquartered in Raleigh, North Carolina, The Preiss Company specializes in the development, acquisition, and management of conventional multifamily and off-campus student housing. With over three decades of experience, TPCO has grown to become one of the largest privately held student housing providers in the United States, consistently ranking among the top 10 in the nation. For more information about The Preiss Company, please visit: www.tpco.com.

FD Stonewater is a vertically integrated, full-service real estate platform with national capabilities in development, investment, and brokerage. Collectively, the firm’s principals have been involved in more than $10 billion of investments and acquisitions, more than $915 million in principal development, and over $1.6B total assets under management across the country.