Lubbock, Texas — Real estate investment and management firm says it will grow in Texas market.
Lubbock, Texas — New York-based Atlas Real Estate Partners has acquired five multifamily family properties in Lubbock, totaling 750 units and 1,300 beds. The acquisitions are a mix of student housing and conventional properties that the company will market to faculty and staff of Texas Tech University.
All five properties will receive significant upgrades, according to Atlas Real Estate Partners, including upgraded units, resort style pools, tanning beds and high-end amenities.
Atlas now owns and manages more than 1,700 units in Texas with plans to acquire another 2,000 units in Texas within the next year. Atlas says it is continuing to build out its team in Texas and recently hired a new chief operating officer, controller and head of construction.
According to Atlas, the Lubbock apartment market vacancy is under 6 percent and has continued to sustain upward pressure on rents and occupancy because of population growth, low unemployment and a lack of new supply coming to market.