AUSTIN, TEXAS / ACCESS Newswire / April 30, 2025 / Parallel is pleased to announce the commencement of vertical construction on a 671-bed student housing development serving Texas Tech University. Parallel, in partnership with Kayne Anderson Real Estate, also secured construction financing from one of West Texas' leading regional capital sources, PlainsCapital Bank.
Hero image of student housing community against a blue sky
"We are thrilled to have PlainsCapital as our partner on this venture" said David Pierce, Principal at Parallel. "They have long supported Texas Tech's academic and athletic excellence, and now they're adding to that legacy by being a partner in this development. We look forward to delivering this special project in 2027 alongside this incredible team of partners."
"We are extremely proud to work with Parallel on this important project and look forward to the significant benefits it will provide to Texas Tech students long into the future," said PlainsCapital Bank's Mark Rosenberg, EVP and Real Estate Lending Manager. "Backed by Parallel's vision, expertise, and proven track record, this development will be a source of pride for the entire Lubbock community."
The project's development team includes BOKA Powell, A Royal Interiors, Parkhill, VP Consulting Engineers, RLG Consulting Engineers, and Teinert Construction serving as the General Contractor.
For additional information, please visit https://www.parallel-co.com/2413-14th-lubbock.
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About Parallel
Parallel is an Austin-based real estate development firm specializing in delivering complex mid-rise and high-rise urban infill multifamily and student housing developments on time and on budget in some of the nation's most competitive markets. To learn more, visit https://www.parallel-co.com/.
About Kayne Anderson Real Estate
Kayne Anderson Real Estate is a leading real estate investment firm, managing approximately $16.6 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $36.4 billion alternative investment management firm with more than 40 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate/. (As of September 2024)
About PlainsCapital Bank
PlainsCapital Bank, the eighth-largest Texas-headquartered bank by deposit market share, operates 55 Texas branches and has approximately 1,040 employees providing highly personalized relationship banking through a single point of contact. Offering commercial lending, treasury management, small business banking, private banking, and trust and wealth management services, PlainsCapital Bank empowers responsive, local decision making in each of its major markets: Austin, Corpus Christi, Dallas, Fort Worth, Houston, Lubbock, the Rio Grande Valley, and San Antonio. PlainsCapital Bank is a wholly owned subsidiary of Hilltop Holdings. Member FDIC. Find more information at PlainsCapital.com.
Contact Information
Katie-Claire Highsmith
Marketing and Operations Manager
khighsmith@parallel-co.com
512.265.1130
SOURCE: Parallel
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/real-estate/parallel-goes-vertical-on-student-housing-development-near-texas-tech-university-1021487
