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5/10/18
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A Colorado-based investment group purchased a three-property multifamily portfolio totaling 1,154 units in Lubbock, TX. The price was not disclosed.
The properties in the portfolio are:
• Dominion Apartments -- a gated, 260-unit community at 5501 50th St, which includes private direct-access garages for residents, a resort-style pool and state-of-the-art fitness center.
• The Park -- a 528-unit complex at 5702 50th St, which is adjacent to C. W. Ratliff Park and offers townhomes and single-level apartments with yards.
• Ashton Pointe -- a gated, 366-unit community at 308 Frankford, that offers furnished corporate apartments and amenities including a fitness center, walking track and racquetball court.
Transwestern’s team of James Roberts, Philip Wiegand and Taylor Snoddy represented the seller, McDougal Properties, and also sourced the buyer.
“The multifamily investment market in Texas continues to be very healthy and competitive, with many buyers venturing out of primary markets into secondary markets like Lubbock in search of yield,” said Roberts. “This transaction represented a win-win for both parties and allowed the buyer to efficiently expand its existing footprint in the Lubbock market.”
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