West Texas BTR Portfolio Highlights
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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Dallas, TX 75225
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THE OFFERING
Berkadia’s DFW Multifamily Investment Sales Team is pleased to announce the exclusive listing of the West Texas BTR Portfolio, a three-property value-add portfolio consisting of 260 units, located in the capital of west Texas, Lubbock, Texas. This quintessential built-to-rent portfolio presents investors with the opportunity to acquire a mix of townhome, horizontal style and true single-family-rental assets in a high barrier-to-entry market. Through capital infusion including interior upgrades, the addition of smart home technology and the rebranding and repositioning of these assets, new ownership will capture healthy rent premiums. The West Texas SFR Portfolio is being offered All Cash and can be acquired as a portfolio or on an individual basis.
LOCATION
3417 118th St, Lubbock, TX 79423
7301 27th St, Lubbock, TX 79407
5811 102nd St, Lubbock, TX 79424
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Investment Sales Advisors
Paul Harris
Senior Managing Director
paul.harris@berkadia.com
972.387.2500 x2203
Greg Smith
Senior Managing Director
gregory.smith@berkadia.com
972.387.2500 x2209
Thad Wetterau
Senior Director
thad.wetterau@berkadia.com
972.387.2500 x2204
Tom Burns
Managing Director
tom.burns@berkadia.com
312.845.3094
Caleb Jones
Senior Director
caleb.jones@berkadia.com
501.952.1785
Jay Gunn
Managing Director
jay.gunn@berkadia.com
972.458.6833
Eric Calub
Senior Director
eric.calub@berkadia.com
972.387.2500 x2202
Joel Kirstein
Managing Director
346.444.8975
joel.kirstein@berkadia.com
Mackinley Robinson
Senior Director
360.704.8831
mackinley.robinson@berkadia.com
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New Product with Value-Add Upside Potential
Near Multiple Colleges/Universities
Proximity to Major Economic Drivers
Rent Upside with Interior Upgrades and Other Income Opportunities
Offered Free & Clear of Existing Debt
High-Quality Lubbock BTR Communities
With the opportunity to do interior upgrades on Salt Creek and Crest at Cooper, such as undermount sinks, upgraded lighting and fresh granite countertops, rents have the ability to increase to match other competitors in the area. The addition of Smart Home Technology / providing bulk Wi-Fi in all three communities, adding carports at Salt Creek and Crest at Cooper, and adding in washer and dryers to Crest at Cooper and Salt Creek Ranch units, would add an immediate revenue stream to all of the communities.
The communities are located near Texas Tech University, Lubbock Christian University and Wayland Baptist University (Lubbock Campus). There are near 60,000 college/university students that call Lubbock home. On campus student housing for Texas Tech University is close to 8,200, which leaves over 32,000 or 79.9% of students in need of off campus living.
Each community are within drivable distances to Lubbock’s high location quotients in health services, education, and retail/hospitality. A few of the top employers within the area include Texas Tech University, University Medical Center and Covenant Health System. All three combined support over 15,500 jobs within the community.
With the opportunity to do interior upgrades on Salt Creek and Crest at Cooper to mimic Hayden’s Park finishes, such as undermount sinks, upgraded lighting and lighter granite countertops, rents have the ability to increase to match Hayden’s Park. With the addition of Smart Home Technology in all three communities, Bulk Wifi, addition of washer/dryers to units and the addition of carports at Salt Creek and Crest at Cooper, these would add an immediate revenue upside.
Salt Creek Ranch, Hayden’s Park at Upland Crossing and Crest at Cooper developed between 2018 and 2023, offer a variety of one-, two-, three- and four-bedroom floorplans. Each property is designed to provide the utmost comfort and style for its residents. Each home is thoughtfully crafted with high-end finishes. These communities are developed to fit perfectly with the demographic trends of Lubbock toward highly skilled, highly paid employees and off campus living college students.
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We welcome in-person tours on the pre-scheduled dates below. Tours on other dates may be scheduled as needed. Please contact Tom Burns (Tom.Burns@Berkadia.com) or Brittany Bridges (Brittany.Bridges@Berkadia.com) to schedule your tour.
May 16th & May 23rd
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5811 102nd St, Lubbock, TX 79424
Call for Offers: Friday, May 24, 2024