Coldwell Banker Commercial Closes 418-Rental Unit Investment Portfolio Sale in Lubbock, Texas
LUBBOCK, TEXAS (June 27, 2024) – Coldwell Banker Commercial Capital Advisors is pleased to announce the sale of Dimora Village, a remarkable investment portfolio consisting of 209 separately deeded duplexes, totaling 418 rental units and 572,040 sq. ft. Dimora Village is located at 602 N. Belmont Ave. in Lubbock, one mile from the edge of Texas Tech campus and the TTU Rawls golf course. It is adjacent to North Park, a thriving new development featuring student housing, medical offices and retail space.
Chase Tucker, CCIM and Taylor Tucker, CCIM, represented both the undisclosed seller and the buyer, Crain Co. Every individual duplex had its own survey, legal description, and address. Most are in one subdivision, but not all are adjacent. The price has not been disclosed.
“This is a strong growth corridor in Lubbock and is a great multifamily rental market,” said Chase Tucker. “While it was one of the hardest deals I have ever closed, it was one of my most rewarding.”
“The buyer was extremely creative on how they structured their loan and underwriting,” said Chase Tucker. Due to the bulk pricing of the portfolio through a commercial loan, the buyer was able to purchase the portfolio at a lower price than surrounding individual duplex sale comps, said Taylor. This increased the appraisal value and gave the buyer immediate bonus equity in their purchase.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial Capital Advisors, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact:
Kevin Guhl
Email: kevin.guhl@cbhomeoffice.com
Phone: 973-407-5916
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