Newmark Knight Frank is seeking offers for The Ranch Apartments, a 243-unit, 737-bed student housing property at 1002 Frankford Ave. in Lubbock. Pricing will be determined by the market. Offers are due by Sept. 15.
The property draws on the student population of nearby Texas Tech University. In a marketing flyer, NKF’s Ryan Lang, Jack Brett and Ben Harkrider note that Texas Tech currently has 38,750 students enrolled and has experienced 31% growth over the past 10 years.
The surrounding market has seen zero new supply in the past several years and currently there’s none in the pipeline, NKF said. The property represents about a 66% discount to replacement costs, according to the marketing flyer.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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