JV Lands Loan to Acquire Texas Tech Student Housing
The 264-unit student housing community was recently renovated and the new owners plan to complete the renovation by upgrading unit interiors.
Thrive in Lubbock. Image courtesy of CBRE
CBRE has secured a five-year, 65 percent loan-to-cost acquisition loan for Thrive in Lubbock, a 744-bed student housing community serving students attending Texas Tech University in Lubbock, Texas. Benjamin Roelke and Ian Walker of CBRE Capital Markets’ Debt & Structured Finance team in Dallas arranged the floating-rate loan on behalf of a joint venture between TEXLA Housing Partners and a private equity real estate fund advised by Crow Holdings Capital.
Located at 210 N. Winston Ave., the garden-style property consists of 264 one-, two-, three- and four-bedroom units ranging from 554 to 1,385 square feet. In-unit amenities include washer and dryer, private balconies, air conditioner and premium cabinets and appliances.
Built in 2004, Thrive in Lubbock recently underwent $1.6 million in renovations which included upgrading the clubhouse, fitness center and amenity areas. Common-area amenities include three swimming pools with hot tub and new outdoor speakers and cabanas, tanning beds, gas grills, fitness center, clubhouse, 24-hour private study rooms and sand volleyball and basketball courts. Additionally, the pet-friendly community offers a dog park.
The new owners plan to continue with the renovation by adding new appliances, flooring, furniture and fixtures. East West Bank provided the three-year, interest-only loan.
