May 08, 2018
DALLAS – Transwestern today announces it has brokered the sale of a three-property multifamily portfolio totaling 1,154 units in Lubbock, Texas. The portfolio was purchased by a Colorado-based investment group for an undisclosed price. 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.”
The properties in the portfolio are:
- Dominion Apartments, a gated, 260-unit community at 5501 50th St. that 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., that 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 Dallas Multifamily Investment Services group has an unparalleled presence in Texas, providing clients with exceptional service and transaction knowledge. Since 2014, the group has averaged a closing every seven business days, with transactions totaling 40,000 units and more than $2 billion in aggregate value. The team’s success is a direct result of their expansive database, deep relationships and a keen understanding of the local and national investment communities.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.