[Another Sunbelt Find]
Upcoming Acquisition: Off-Market 204-Unit Multi-Family Gem In The Hot Lubbock Texas Market
Why we love this opportunity:
Following our successful acquisitions in North Carolina, we are excited to announce our entry into the thriving Texas multifamily market
- Off-Market, stabilized, Class A asset, acquired at 18% below an appraisal dated April 2025: no heavy value-add risk
- No reliance on aggressive rent growth. CBRE shows 4% YoY rent growth between 2020 and 2024, despite 4,000 new units delivered; we are basing our annual increase on 3%
- Despite the appraisal validating $270 premium above in-place rents, our plan includes a $50 rent bump year2 and $100 year 3
- Median household income of $83,733 within a 3-mile radius of the property. Compared to an average rent of $14,100 in year 1 (only 16.8% of household income) and$17,796 by year 5
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