TEXLA, Crow Holdings Acquire 744-Bed Student Housing Community Near Texas Tech University
LUBBOCK, TEXAS — A partnership between TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital has acquired Thrive in Lubbock, a 744-bed student housing community serving Texas Tech University. The 264-unit property was built in 2004 and recently underwent a $1.6 million renovation program that upgraded certain amenities, including the clubhouse and fitness center. Benjamin Roelke and Ian Walker of CBRE arranged acquisition financing through East West Bank for the transaction. The loan carried a five-year term, a floating interest rate and three years of interest-only payments.