Lubbock, Texas — A joint venture between TPG Real Estate Partners and Cardinal Group Cos. has acquired Park East, a 732-bed student housing community located near Texas Tech University in Lubbock.
The new ownership plans to renovate the property, with upgrades set to include refreshed units and significant updates to the property’s fitness center, swimming pool, entryway, game room and courtyard. The joint venture also plans to add state-of-the-art study and collaboration spaces, as well as a dog park.
CBRE assisted in the sale and advised on debt for the acquisition, which was added to a Fannie Mae credit facility that was formed for the joint venture. The property will be managed by Cardinal Group Management, with value-add construction management provided by Cardinal Group Construction.