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September 1, 2020 Comments Off on Student Housing Hits the Market Near Texas Tech’s Lubbock Campus Views: 597 Texas - Other, Texas News

Student Housing Hits the Market Near Texas Tech’s Lubbock Campus

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Newmark Knight Frank is seeking offers for The Ranch Apartments, a 243-unit, 737-bed student housing property at 1002 Frankford Ave. in Lubbock. Pricing will be determined by the market. Offers are due by Sept. 15.

The property draws on the student population of nearby Texas Tech University. In a marketing flyer, NKF’s Ryan Lang, Jack Brett and Ben Harkrider note that Texas Tech currently has 38,750 students enrolled and has experienced 31% growth over the past 10 years.

The surrounding market has seen zero new supply in the past several years and currently there’s none in the pipeline, NKF said. The property represents about a 66% discount to replacement costs, according to the marketing flyer.

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