Quantum on West Call is the newest student housing community serving Florida State University. The property is in its first year of operations and was completed in July 2018.
In just the few months since the property has opened, it has quickly become the community of choice amongst FSU students. This is supported by the asset leading the market in preleasing for the 2019/2020 academic year.
Quantum on West Call was already over 96% preleased by March and is projected to be 100% preleased by the end of the current semester. Quantum on West Call enjoys a dominant location one block from campus. The strategic location is focused on easy access to the university’s academic buildings with a locational focus on the high demand STEM programs. Residents are only a 400-foot walk to the College of Medicine, 600 feet to the Biological Science Building, less than two-tenths of a mile from the Psychology Department, and one third of a mile from Computer Science, Chemistry & Biochemistry, and Physics. Additionally, the FSU College of Business is less than 0.7 miles from the property, the FSU Bookstore is only 0.5 miles, the Leach Student Rec Center is less than 0.33 miles and Doak Campbell Stadium is only 0.5 miles.
The property’s high-quality construction characteristics makes it attractive to students now and well into the future. The unit mix of studios, one, two, three, and four-bedroom units attracts students from all ages and classes. The best-in-class amenities include individual and group study lounges, modern fitness center with cardio machines and free weights, yoga studio, swimming pool with sundeck, outdoor social lounges with grilling stations, clubhouse with HD theater, parking garage, bicycle storage area, fully furnished units with 50” 4K Smart TVs, and a stop on the FSU Seminole Express bus route.
Even with arguably the best location for access to the university’s academic buildings and athletic facilities, Quantum on West Call is one of the most affordable student housing communities pedestrian to campus. Of the 15 student housing communities within 0.5 miles of campus, Quantum is the sixth lowest in average per bed rent. It is $50 per bed below the average rent of these 15 assets, which makes the property well positioned to maintain strong occupancy and continued rent growth even as additional beds are added to the market.
A purchaser has the opportunity to acquire the dominant asset, one block from campus, at a brand-recognized university, with over 40,000 students, that has clear upside based on its below market average rents.
Quantum on West Call is a 225-unit, 752-bed, mid-rise student housing apartment community located in Tallahassee, Florida, just steps away from the Florida State University campus. The property was recently constructed in 2018 and contains 2, 4-story apartment buildings with brick and Hardie siding. Totaling 285,078 rentable square feet, the property is situated on 4.51 acres of land with a density of 49.89 units per acre. Professionally maintained lawns, trees, and foliage enhance the visual appeal of the asset’s exterior.
Quantum on West Call is comprised of 2 studio apartments, each measuring 484 square feet, 11 one-bedroom / one-bathroom units, each measuring 582 square feet, 32 two-bedroom / two-bathroom units, ranging in size from 861 to 868 square feet, 45 three-bedroom / three-bathroom units, ranging in size from 1,179 square feet to 1,225 square feet, and 135 four-bedroom / four-bathroom units, ranging in size from 1,429 to 1,744 square feet. Average unit size for the property is 1,267 square feet.