PAC Buys 140-Unit TX Student Housing
The Bloc, located in Lubbock, serves students attending Texas Tech University and includes access to a swimming pool, a fire pit and a free Starbucks bar.
Preferred Apartment Communities (PAC) has acquired The Bloc, a 556-bed student housing community serving students at Texas Tech University in Lubbock, Texas. The company purchased the asset through its subsidiary Preferred Campus Communities.
Located at 707 Ave. T, on approximately 3.4 acres, the 10 four-story buildings offer convenient access to various shopping, dining and entertainment venues such as Domino’s Pizza, Pete Ragus Aquatic Center, Aztlan Park and Southwest Regional Medical Complex.
Completed in 2017, the 140-unit property features three- and four-bedroom floorplans ranging from 1,233 to 1,912 square feet. The fully-furnished apartment amenities include stainless steel appliances, storage space, washer/dryers, smart apartment technology, Wi-Fi and private bathrooms. The community includes common-area amenities such as:
- fitness center
- business center
- swimming pool
- barbecue area
- technology center with multiple computer stations
- free Starbucks coffee bar
- fire pits
- bocce and horseshoes
“We remain focused on our multifamily community operations, including our student housing subsidiary,” Daniel DuPree, chairman & CEO of PAC, said in a statement. “This acquisition increases the size of the PCC portfolio to seven student housing communities across four states.”
Back in March, the company sold Lake Cameron in Raleigh, N.C. for $43.4 million. The 328-unit Class A community was purchased by a joint venture between Fogelman Properties and DRA Advisors.
Image courtesy of Yardi Matrix