The Preiss Company, a privately-held student housing owner-operator and private equity real estate fund, has purchased The Collective at Lubbock. The property is a 847-bed student housing complex. Funding for the deal was arranged by Newmark.
Following the deal, Priess plans for a multi-million dollar capital improvement project to be completed over the next 3 years. The existing 241-unit student housing complex is located at Texas Tech University. The improvement plan will focus on common areas, clubhouse and pool refurbishment, a new internet system and painting and furnishings.
“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. “Already in prime physical condition, our additional planned refurbishment will bring The Collective at Lubbock to ‘like-new’ status.”