LUBBOCK - The 562-bed 25Twenty is being sold as part of a 19-property portfolio to American Campus Communities (ACC) in a deal valued at $862.8 million. Expected to close during fourth quarter 2012, the deal totals 12,049 beds of student housing.
25Twenty is within walking distance of Texas Tech University, located at 2520 Marsha Sharp Freeway. The portfolio is being purchased from Kayne Anderson Capital Advisors LP.
The assets will offer upside with a current occupancy of 92.3 percent for the 2012-2013 academic year. ACC plans to invest an additional $12.3 million in amenity upgrades and capital improvements across the portfolio to drive future rental rate and revenue growth.
Read more at Globe St.
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