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LUBBOCK, TEXAS — Seattle-based LEDG Capital has completed the $12 million renovation of Southstead, a 244-unit mixed-income property in Lubbock. Southstead was constructed in phases in the 1970s. The community consists of 11 two-story buildings and 14 single-story buildings on a 20-acre site. Of the total unit count, 100 are available at market rates.
In addition to upgrading kitchens, bathrooms and HVAC systems, LEDG Capital renovated the community with new roofs, painting, pathways, parking areas, a playground and trash enclosures. Merchants Capital financed the project, which lasted 11 months. According to LEDG Capital, the rehabilitation will extend Southstead’s affordability for another 30 years.