Birchwood 6402 Albany Ave Immeuble residentiel 236 lots À vendre Lubbock, TX 79424

Summary:
The Multifamily Group is pleased to present the exclusive offering of The Birchwood Apartments, a value-add opportunity in Lubbock, Texas. Constructed in 1977, the property consists of 236 units averaging 713 square feet. The property offers one to three-bedroom floorplans. The asset is currently 81% occupied and is being offered with accretive financing from the lender or free and clear.
Value-Add:
- Improve operations and increase occupancy to submarket averages.
- New ownership has a compelling opportunity to upgrade the remaining 123 classic units, with renovated units currently achieving $100/month premiums.
- Bring the 24 down A1 units back online.
- Establish a bulk cable agreement to generate additional revenue.
- Install washer and dryer hookups in the 2 BD and 3BD units and rent out appliances to tenants.
- Construct carports and lease them to residents for added income.
Location:
Birchwood enjoys a prime location with direct frontage on Loop 289, which sees over 76,000 vehicles daily. It sits directly across from South Plains Mall, home to a wide range of retailers and restaurants including JCPenney, H&M, Pandora, PINK, Hollister, The Cheesecake Factory, Uncle Julio’s, Chick-fil-A, Dillard’s, and Premiere Cinemas & IMAX. Within a two-mile radius are numerous national retailers such as Sprouts, Walmart, BJ’s Restaurant & Brewhouse, Hobby Lobby, Michael’s, Texas Roadhouse, and Logan’s Roadhouse. The property is also just a 12-minute drive from Texas Tech University, a major Big XII school with over 40,000 students from across the country and internationally. Lubbock, the 10th largest city in Texas, boasts a strong labor force and average household incomes exceeding $73,000 in the surrounding area.