Estrada South II | LENDER SALE
$5,125,000
2627 Oak Avenue, Lubbock, TX 79404
115,150 sqft
Building Size
120
Units
Details:
Description:
Estrada South II is a 2008 vintage, 120 unit garden style complex that has a mix of one, two, and three bedroom units. The property was previously a PFC structured, affordable housing property. Since it was foreclosed, the LURA has been terminated and the property is being offered on a fee simple basis. It is now operated as conventional, market rate housing without any rent or income restrictions on future leases.
Estrada South II has easy access to Interstate 27 and Highway 67 / 19th Street, and is 3 minutes to Dunbar College Prep Academy and Mae Simmons Park. It's 10 minutes or less to Texas Tech University. Since 2022, East Lubbock has exploded with new development. Companies like Leprino Foods, Tropicale Foods, Chick Fil A, X-Fab, and Plant Agriculture Systems are investing over $1 billion and creating 2,000+ jobs over the next decade.
Priced well below replacement costs at $42,700/unit
Opportunity to make operational improvements to boost NOI
2008 construction for less than $50k/unit!
Can also purchase Estrada South I and Estrada North - 372 total units
Documents:
| Title | ||
|---|---|---|
| Estrada South II Offering Memorandum |
Location
Gallery
