847-Bed Former Cottages of Lubbock to Undergo Multi-Million in Capital Improvements
RALEIGH, N.C., November 29, 2021--(BUSINESS WIRE)--Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private equity real estate fund, today announced the acquisition of The Collective at Lubbock, an 847-bed student housing complex. TPCO plans to begin a multi-million capital improvement project scheduled to begin Spring of 2022 and completed in phases over the next three years to minimally impact residents. Acquisition financing was arranged by Ben Roelke and Ian Walker at Newmark. The 70% LTC senior loan featured a 5-year, interest-only term and a sub-2% all-in rate.
"While The Collective at Lubbock marks our first asset in the Texas Tech market, it also is our 14th student housing complex in the Lone Star State," said John Preiss, chief investment officer, TPCO. "This level of concentration allows for shared economies of scale and best practices, both of which will have an immediate, positive impact on this project. Already in prime physical condition, our additional planned refurbishment will bring The Collective at Lubbock to ‘like-new’ status. We look forward to serving the Texas Tech University community."
The Collective at Lubbock
Formerly known as the Cottages at Lubbock, the 241-unit student housing complex is situated at 2001 9th Street, a short walk from Texas Tech University and a bevy of local shops, restaurants and grocery stores. Amenities range from fire pit and grilling/picnic stations to resort-style pool and two fitness centers. Residents also can enjoy a game room, theatre room, computer lounge and study space in the resident clubhouse, as well as a 24/7 Amazon Hub package locker system and TTU shuttle service. Pet-friendly apartments come in 2-, 3-, 4- and 5-bedroom configurations, each offering private bedrooms and baths, in-unit washer/dryer, large walk-in closets and modern finishes. Units contain hard wood flooring in common areas and plush carpeting in the bedrooms. Additional touches include patios or porches and large kitchens featuring stainless steel appliances and granite countertops. Monthly rental fees also include cable, WIFI, trash and sewer services. Both furnished and unfurnished models are available.
The improvement plan will focus largely on common areas with some unit upgrades. The clubhouse and pool both will be refurbished, and the internet system will receive major upgrades. Additionally, exterior paint will be refreshed, and units will receive new furniture and blinds.
About The Preiss Company
Celebrating its 33rd year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005456/en/
Kasey Munsch, Vice President of Marketing