McDougal Properties has sold three Lubbock, Texas, communities totaling approximately 1,150 units to a Colorado-based investment group.
Located at 5501 50th St., Dominion Apartments is a 260-unit, partially corporate housing community completed in phases in 1999, 2001 and 2007. The property consists of one-, two- and three-bedroom apartments ranging from 661-1,483 square feet. According to Yardi Matrix data, the 26-building asset was about 97 percent occupied at the time of sale. Common-area amenities include a fitness center, business center, swimming pool, laundry facilities and more than 800 parking spaces.
The Park is a 528-unit multifamily property situated near Dominion Apartments, at 5702 50th St. The 23-building asset, delivered in two phases in 1975 and 1983, offers one-, two- and three-bedroom units averaging 756 square feet. Community amenities include a swimming pool, multiple laundry facilities and almost 800 parking spaces. The Park is located in the vicinity of C.W. Ratliff Park and various shopping and dining options, such as Durango’s Restaurant and Josie’s Restaurant.
Ashton Pointe, a partially corporate housing community, is located at 308 Frankford Ave., and comprises 192 one-bedroom, 138 two-bedroom and 36 three-bedroom units. The multifamily asset, completed in phases in 1995, 1997 and 2002, is situated roughly four miles from the other two properties in the portfolio. Ashton Pointe features two swimming pools, a fitness center, business center, two laundry facilities and 815 parking spaces.
Transwestern Vice Presidents James Roberts, Philip Wiegand and Managing Director Taylor Snoddy brokered the deal on behalf of the seller and sourced the buyer. Earlier this year, the Transwestern team also brokered the sale of Oak Creek Apartments, a 464-unit market-rate community in Bedford, Texas.
Images courtesy of Yardi Matrix