Portfolio Description

The Lubbock Portfolio consists of 222 units divided between three properities: Lubbock Square with 124 units, Lakeshore at Maxey Park with 54 units, and Ventura flats with 44 units. The seller had substantially renovated both the interior and exterior of the properties within 3 years of the off-market sale. However, the property was under-managed and rents were below market value. By increasing rents by $40 per unit, the annual income increased by $106,560 resulting in outstanding portfolio performance in a short period of time.