Lubbock, Texas — Ascott Residence Trust (ART) has acquired Wildwood Lubbock, a 1,005-bed student housing community located near Texas Tech University, from an undisclosed seller for $70 million.
The property offers two- to four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool with hot tubs, a swim-up bar and outdoor cabanas with grills and fire pits; a fitness center; study rooms; a clubhouse; game-day theatre room; dog park; and basketball and volleyball courts.
“The acquisition of our third student accommodation asset is in line with ART’s strategy to acquire assets with longer length of stay and diversify our portfolio from traditional hospitality assets, further increasing ART’s resilience and stable income,” says Beh Siew Kim, CEO of the Singapore-based company.
“Despite COVID-19, Wildwood Lubbock is 100 percent leased for the 2021 academic year and there is minimal upcoming private student accommodation supply.”