April 19, 2021 10:00 AM
Newmark announces the sale of The Ranch Apartments, a 243-unit, 737-bed value-add student housing asset, located near Texas Tech University in Lubbock, Texas.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang and Associate Director Jack Brett represented the seller Mountain Pacific, a Los Angeles-based real estate development and investment company. Newmark Transaction Manager Ben Harkrider provided crucial support to assist on the transaction. The asset traded to a privately held real estate investment firm, Centurion Property Group, for an undisclosed price.
“Given the strong growth projected at Texas Tech, improving submarket fundamentals, lack of new supply and runway for rental rates; The Ranch is well-positioned for future successes,” said Ryan.
The Ranch Apartments recently enhanced its now top-tier amenity package to remain competitive in the market with a complete renovation of the community’s pool, fitness center, lounge area and clubhouse.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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