Student housing owner-operator The Preiss Company (TPCO) and Crow Holdings Capital, a private equity fund, have acquired a 752-bed complex in Tallahassee for housing Florida State University students.
The recently built Quantum on West Call complex provides studio, one-, two-, three- and four-bedroom layouts with private bathrooms and a private parking garage. Fully furnished units are equipped with washer and dryers, 50-inch TVs, walk-in closets, granite countertops, and stainless steel appliances. Some have patios and balconies.
There is also a 24-hour fitness centre, pool, yoga centre, and a sundeck with hammocks and grilling stations. Facilities also include a clubhouse and cinema, cyber lounge, individual study nooks, group study spaces, and high-speed Wi-Fi.
The complex will undergo a partial renovation to upgrade approximately half the units.
John Preiss, chief investment officer at TPCO, said: “We are thankful to our partners and lenders who have helped us to complete this transaction which began pre-pandemic.
“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.”
Adam Byrley, chief operating officer at TPCO, added: “The Quantum on West Call marks our first entry into the Tallahassee marketplace. However, it also marks our sixth student housing complex in Florida, granting us greater economies of scale and the ability to share state-wide 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-calibre university.
“The property checks all the boxes for us.”
TPCO is headquartered in Raleigh, North Carolina; Crow Holdings Capital is based in Dallas.
Date published: 21 October 2020