Student Housing: Pittsburgh-based McKinney Buys Lubbock Student Housing Project

via CityBiz Real Estate

ULofts Lubbock, a 299-unit, 334-bedroom, 144,000-square foot student housing property located on 2.75 acres across the street from Texas Tech University in Lubbock, has sold to Pittsburgh-based McKinney Properties for an undisclosed price.

Marcus & Millichap Real Estate Investment Services’ Dorothy Jackman, a vice president investments; Travis Prince, a senior associate in the firm’s Tampa office; and Peter Katz, a senior vice president investments in Marcus & Millichap’s Phoenix office, represented the sellers, a JV between Bank Atlantic and M&I Bank.

Mike Harris, a member of the Tampa team from the firm’s Special Asset Services division provided consultation on the transaction. Nick Fluellen, an associate vice president in Marcus & Millichap’s Dallas office, also provided representation. Jackman and Prince also represented the Pittsburgh-based buyer, McKinney Properties.

Originally built in 1968, ULofts Lubbock was renovated up to condo-grade finishes in 2009. The seven-story property also has a cell phone tower which generates additional income.

The complex has a unit mix of 264 one-bedroom luxury suite apartments and 35 two-bedroom luxury suites. Each loft-style unit is fully furnished, has exposed ductwork, stacked full size washer/dryer, fully equipped kitchen, private bathroom with six-foot tub and patio/balcony. Community amenities include a secured parking garage, two swimming pools, fitness center, a movie theater and private study rooms with computer access.

“Demand is intense for well-located student housing assets in core markets,” explains Jackman. “ULofts was a unique transaction. It has ground floor retail and is a mid-rise building in a market with many options for garden-style student housing.”


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