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
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.