The Ranch Apartments is a 243-unit 737-bed value-add student housing asset located near Texas Tech University in Lubbock. The asset recently traded to a privately held real estate investment firm, Centurion Property Group, for an undisclosed price.
Newmark’s Ryan Lang and Jack Brett represented the seller Mountain Pacific, a Los Angeles-based real estate development and investment company. Newmark’s Ben Harkrider provided support on the transaction.
“Given the strong growth projected at Texas Tech, improving submarket fundamentals, lack of new supply and runway for rental rates, The Ranch is well-positioned for future successes,” said Lang.
The Ranch Apartments recently enhanced its amenity package to remain competitive in the market with a complete renovation of the community’s pool, fitness center, lounge area and clubhouse.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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