Lubbock, Texas — The Preiss Co. has acquired the Cottages of Lubbock, an 847-bed student housing community located near the Texas Tech University campus in Lubbock.
The property offers a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include two fitness centers, a resort-style swimming pool, grilling and picnic areas, a fire pit, game room, theater room, computer lounge, clubhouse and study space.
The property is being rebranded The Collective at Lubbock and is set to undergo multiple phases of renovation beginning in spring 2022. Updates are set to include refurbishment of the community’s swimming pool and clubhouse; upgraded internet access; refreshment of exterior paint; and unit upgrades including the addition of new furniture and blinds.
Ben Roelke and Ian Walker of Newmark secured acquisition financing on behalf of Preiss. The 70 percent loan-to-cost financing features a five-year, interest-only term. The seller and terms of the transaction were undisclosed.