LUBBOCK, Tex. – November 15, 2017 –Berkadia has secured a new loan to finance the acquisition of Park East Apartments, formerly 18Nineteen Apartments, a 732-bed student housing community near Texas Tech University, which serves 36,551 students.
The property was purchased by XFD Real Estate Partners as part of an upcoming series of planned acquisitions as the company transitions into a growth phase. XFD is a Chicago-based owner-operator, who will manage the asset in-house. The 732-bed community was delivered in 2016 and includes amenities such as a clubhouse with a resident lounge and private study rooms, swimming pool with swim-up bar and aqua theater, outdoor putting green, fire pit, multiple grill and barbeque stations, two- dog parks, and two workout facilities.
“This acquisition provided XFD entry into a tremendous market at a very attractive investor basis”, said Aaron Moll of Berkadia who handled the financing. “We were fortunate enough to work on their behalf to structure a bridge loan that correlated with their business plan to maximize returns.”