The Landing at Pinewood Park is a 228-unit, class C multifamily property in Lubbock, Texas. A local family business neglected the property, running it for low cost, rather than high returns.
- Deal Story: A local family business neglected the property, running it for low cost, rather than high returns. The resulting accumulated capital needs and weak property performance present a compelling value-add opportunity.
- Location: The asset is situated in a solid, middle-income neighborhood at a high-traffic intersection right next to national retail names including McDonalds, Papa Johns, and Walgreens.
- Business Plan: Lone Star will address major physical needs and improve curb appeal, while also implementing management best practices to drive leasing and raise net income. In addition to improving curb appeal, a modest interior renovation program will allow us to bring rents up to market rates as well as maximize occupancy.