Investment Highlights
- 70-Unit multi-family Property spread across (9) 2-Story Buildings
- Unit Mix of (24) 1-Bedrooms, (30) 2-Bedrooms, and (16) 3-Bedroom
- Leasing Upside | Renovate & Upgrade Units to Platinum Level for Market Rent Increases
- ±61% Leased in a Historically Low Vacancy Rate Sub-Market Creates Immediate Upside with Lease Up
- Additional NOI Opportunities through Unit Upgrades, Water Conservation, Increased 80% Water Reimbursement, and New Pest & Trash Fees
Offering Summary
Marcus & Millichap is pleased to present Aspen Village Apartments, a 70-unit apartment community located at 5416 50th Street in Lubbock, Texas (the “Property” “Offering”). The ±61% occupied Property presents investors an excellent opportunity to acquire a cash-flowing multifamily asset that is both generating income and offers future upside opportunities through unit enhancement, lease up vacant units, and additional income streams.
Aspen Village was constructed in 1965 and is comprised of (9) two-story buildings totaling ±62,820 rentable square feet, with an average unit size of ±897 square feet. The Property is situated on a single ±2.61-acre parcel and offers abundant parking spaces for residents and guests. Current ownership has spent over $200,000 recently in capital improvements including paving, plumbing, flooring, appliances, HVAC, and other systems. The Offering presents the opportunity to create significant value with unit upgrades like stainless steel appliances, quartz countertops, updated kitchen backsplashes and faucets, modern lighting, contemporary ceiling fans, newer hardware, and bathroom fixtures. Currently ±61.5% occupied, the Property offers significant upside via capital improvements for rent premium, aggressive lease-up at market rates, and increased services fees. Additionally, a new owner can further reduce expenses through decreased water consumption and boost revenue through increased water reimbursement from 30% to 80% to align more closely with the submarket norm.
Lubbock is a vibrant city in the northwestern part of Texas, known as the economic and cultural hub of the South Plains region. With a population of over 260,000, it is one of Texas' fastest-growing mid-sized cities. Lubbock's diverse economy is driven by agriculture, healthcare, higher education, and an expanding tech and manufacturing sector. Texas Tech University, one of the largest universities in the state, is located in Lubbock and plays a significant role in shaping the local economy, contributing to a youthful workforce and spurring innovation. The Property is located less than one mile from Texas 289 Loop offering immediate access to the greater metropolitan area. The Property benefits from being within a mile of numerous national retailers including Home Depot, Old Navy, Ross, Hobby Lobby, Michaels, and many more. The Property has a population of ±233,859 residents within a 5-mile radius and an average household income of ±$80,508. Within a five mile radius of the Property, there has been a 2.5% increase in the population since 2020 with an additional 6.22% growth expected from 2024-2029.
