173 Units Closed in Lubbock, TX

[Account Closed]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $8,381,000

This project consists of 2 properties, Mission Villas and Riverstone Apartments, totaling 173 units. They are located within a block of each other, in an excellent location right off the main loop of the city, and within walking distance to the city’s premier mall. While they are about 4 miles away from Texas Tech University, they are primarily comprised of a workforce demographic.

What made you interested in investing in this type of deal?

We are excited to execute the business plan of renovating 132 units, increasing rents, and capturing additional income that is being charged by adjacent properties. The appraisal came in before close with $1.8M day 1 equity. The appraisal is based on stabilizing the property and does not account for additional upside from renovations & raising rents.