144-Unit Wyndham Apartments Goes to Metonic Real Estate Solutions

Metonic Real Estate Solutions nabbed the 144-unit Wyndham Apartments in Lubbock, TX. The Omaha, NE-headquartered Metonic acquired the complex, at 4501 71st St., from Wyndham Eckert LLC, which is based in Orinda, CA. The sales price was not disclosed.

Metonic COO Adam Kirshenbaum noted that the buy was a value-add play, with the price paid below replacement costs. The new owner plans to update the clubhouse and pool areas, as well as upgrading in-unit flooring, kitchen and bathrooms. Metonic will also implement energy efficient improvements to target a 20% or higher reduction to the complex’s total annual energy and water use.

The acquisition of the 20-year-old Wyndham Apartments expands Metonic’s Texas portfolio to 12 communities consisting of over 2,300 apartment units. Metonic selected property management services from Seldin Company, a leading property management firm throughout the central United States.

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