The Preiss Company and Crow Holdings Capital have acquired Quantum on West Call, a Florida State University student housing complex. No financial terms were disclosed.
TALLAHASSEE, Fla. & RALEIGH, N.C.–(BUSINESS WIRE)–Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private equity fund advised by Crow Holdings Capital today announced the acquisition of the 752-bed Quantum on West Call for an undisclosed amount. The recently built student housing complex will undergo a partial renovation to further upgrade approximately half the units.
“We are thankful to our partners and lenders who have helped us to complete this transaction which began pre-pandemic,” said John Preiss, chief investment officer, TPCO. “The student housing transactional marketplace has ground to a near standstill, and we believe this is one of the few deals to have been completed during these trying times. Our team faced numerous headwinds while navigating the COVID-19 reality, but with the assistance of our financial and legal teams, we persevered. Following the completion of our planned, minor refurbishment of some units, we are confident that Quantum on West Call will be the lodging preference of choice for FSU students.”
Located just one block from Florida State University along the FSU Seminole Shuttle Route, Quantum on West Call is situated on the corner of West Call and Conradi Streets. Student residents can enjoy a 24-hour fitness center, resort-style pool, yoga center, sundeck with hammocks and grilling stations. Facilities also include a clubhouse with HD theater, cyber lounge, individual study nooks, community Wi-Fi access and group study spaces.
Quantum on West Call provides studio, one-, two-, three- and four-bedroom layouts with private bathrooms and a private parking garage. Fully furnished units are equipped with full-sized washer and dryer, 50” 4K Smart TV, walk-in closet, granite countertops, stainless steel appliances and plush carpeting. Select units offer patios and balconies. Packages also contain high-speed internet, premium cable including HBO and all utilities except for electricity.
“The Quantum on West Call marks our first entry into the Tallahassee marketplace,” said Adam Byrley, chief operating officer, TPCO. “However, it also marks our sixth student housing complex in Florida, granting us greater economies of scale and the ability to share statewide best practices. The property itself, at just two years old, is a fantastic physical product in an ideal pedestrian location within walking distance of a high-caliber university. The property checks all the boxes for us.”
Approximately half of the 225 units will undergo minor renovations to upgrade common area vinyl plank flooring and internet connectivity improvements. Based on the newness of the project, no additional refurbishments were deemed necessary.
For additional information on Quantum on West Call, please visit www.quantumonwestcall.com.
About The Preiss Company
Celebrating its 33rd year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.
About Crow Holdings Capital
Crow Holdings Capital is a real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages $10.6 billion of real estate assets through its series of nine flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a strong track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chc.