Wildwood

In October 2021, a Crow Holdings Capital fund acquired Wildwood, a newly constructed, 294-unit, 1,005-bed Class A student housing community at a discount to replacement cost. Situated three miles northwest of Texas Tech University in Lubbock, Texas, the property consists of 25 buildings, offering two-, three- and four-bedroom flats and townhomes.

Wildwood features a range of amenities, including a three-tiered pool with a swim-up bar, outdoor cabanas with gas grills and fire pits, sand volleyball courts, a full-size basketball court, and a state-of-the-art fitness center. Individual units feature a fully equipped kitchen with stainless-steel appliances, wood-plank-style flooring, and faux granite countertops. Each unit also includes a washer, dryer, and 65-inch flat-screen TV.

At the time of the investment, Texas Tech enrollment had grown by 31% over the previous decade, adding almost 8,750 total students at an average growth rate of approximately 2.7% per year. Wildwood had strong performance and when the Fund sold it in 2021, the asset was 100% preleased early in the leasing cycle.