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Largely Family Managed Portfolio Sells After 40 Years
A multifamily portfolio consisting of Summertime Villa, Genoa Gardens, Genoa Gardens II and Yorkshire Villas recently sold in Lubbock, TX. The price and buyer were undisclosed.
Jon Krebbs of The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, represented the seller, and TMG’s Paul Yazbeck procured the buyer.
“Eighty-five percent of the units were built and managed by the same family for over 40 years. They did a fantastic job. The seller selected us as the exclusive listing broker due to our close ties with the city of Lubbock,” said Krebbs.
The largest of the four assets, Summertime Villa, has frontage on Loop 289 directly across from the West End Shopping Center.
“There is still ongoing demand from buyers looking for their next deal. In the last 30 days, we have sold 958 units, and we currently have 1,303 units in escrow,” adds Yazbeck.
- ◦Sale/Acquisition
