Ocean Ridge Capital Partners has acquired The Jackson, an 86-unit multifamily community in Lubbock, Texas, as part of its mission to elevate the standard of affordable housing while addressing the U.S. housing shortage. This acquisition builds on Ocean Ridge's proven track record of transforming underperforming assets into thriving communities for tenants and high-yielding investments for entrepreneurial investors and their families.
ORANGE COUNTY, Calif., Jan. 23, 2025 /PRNewswire-PRWeb/ -- Ocean Ridge Capital Partners ("Ocean Ridge"), a real estate investment firm focused on elevating the standard of affordable multifamily housing, today announced the acquisition of The Jackson, an 86-unit multifamily community in Lubbock, Texas.
Acquired at a highly favorable basis compared to replacement cost, The Jackson represents a significant value-add opportunity. The property consists of a mix of 1-bedroom and 2-bedroom units, with planned improvements including modernizing interiors, creating a dedicated laundry and leasing center, and introducing tenant-focused amenities to enhance community living.
Lubbock, a growing economic hub in West Texas, is anchored by Texas Tech University and a diversified economy. With ~1% annual population growth, low ~3.7% unemployment and the upcoming Leprino Foods cheese production facility—a $870M investment projected to add over 500 jobs in 2025—the city continues to see rising demand for quality workforce housing.
This acquisition builds on the success of Ocean Ridge's Perpetual Income Fund in Cleveland, OH, which delivered over a 100% net return to investors in Q4 2024 from the turnaround and sale of seven multifamily properties. Past performance does not guarantee future results. While many real estate operators are navigating challenging market conditions, Ocean Ridge continues to achieve outsized results by pairing disciplined, data-driven market selection with a steadfast commitment to addressing the nation's housing shortage.
"The Jackson is a prime example of how we combine disciplined investing with our mission to elevate the standard of affordable multifamily housing," said Morgan Keim, Managing Partner of Ocean Ridge. "This acquisition demonstrates how vision and execution can create value for tenants and investors alike, even in today's market."
Yannick Ngongo, Head of Underwriting, added, "After evaluating more than 500 deals last year, this property stood out as a strong, defensible investment perfectly aligned with our mission and returns criteria. It's exactly the kind of opportunity where we can deliver meaningful impact for the community and our investors."
Ocean Ridge remains focused on addressing the U.S. housing shortage—estimated at over 5 million units according to Brookings—by acquiring and transforming underperforming assets into thriving, high-yielding investments. In 2025, the firm plans to continue its disciplined strategy with additional multifamily acquisitions in key Midwest and Sunbelt markets.
- About Ocean Ridge Capital Partners
Ocean Ridge Capital Partners is a real estate investment firm dedicated to elevating affordable multifamily housing across the United States. By transforming distressed properties into thriving communities, Ocean Ridge creates high-yielding investments that protect and grow wealth for entrepreneurial investors.
As an active buyer of 50+ unit multifamily and mobile home communities in key Sunbelt and Midwest markets, Ocean Ridge delivers consistent returns through strategic upgrades and disciplined execution, strengthening both communities and investor outcomes.
- Forward-Looking Statements
This release contains forward-looking statements based on current expectations, assumptions, and estimates. These statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Risks include, but are not limited to, changes in market conditions, regulatory challenges, tenant demand, and operational execution. Ocean Ridge assumes no obligation to update or revise forward-looking statements, except as required by law.
- Fair Housing Compliance
Ocean Ridge Capital Partners is committed to full compliance with all Fair Housing laws, ensuring equal opportunity in housing for all tenants regardless of race, color, religion, sex, disability, familial status, or national origin. Tenant-focused improvements are designed to benefit all residents equally, without discrimination.
- Performance Disclaimer
Past performance, including the 100% net return referenced in this release, does not guarantee future results. All investments carry inherent risks, and investors should carefully evaluate their financial circumstances before investing.
- For further information, please contact:
Morgan Keim
Managing Partner
Ocean Ridge Capital Partners
Website: www.oceanridgecap.com
Media Contact
Morgan Keim, Sprouted Ventures, 1 2032476981, [email protected], www.sproutedventures.com
SOURCE Ocean Ridge Capital Partners
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