Description:
The Go-Getters Team at KW Commercial have been exclusively retained by seller to offer The Cove Apartments, in Lubbock TX. The Cove is a 119 unit 3 story property located near the medical district, off of Marsha Sharp Freeway and Quaker Ave. The property is a four minute drive to Texas Tech University, a five minute walk to the nearest park and a two minute drive from the Covenant Medical District. This is a very convenient location to some of Lubbock's largest employers.
This area has strong demographics in the 1 mile radius. The average home value is 34% higher in the 1 mile vs. 5 mile radius. The average income in the 1 mile radius of over $66,000 is 18.2% higher than it is in the 5 mile radius surrounding the property. The area will support higher rents with a properly executed value add plan.
Highlights:
Three story garden style complex
Nice, well-maintained affordable units in great location
Updated landscaping
Strong income demographics in the area
Approximately $100,000 spent on interior and exterior upgrades in last 2 years
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