Mo Karney And Syed Asif Acquire Multifamily Asset At 6402 Albany Avenue For $13.5M

The multifamily property located at 6402 Albany Avenue in the Lubbock market was sold for $13,500,000. This asset comprises 236 units, offering a purchase price per unit of $57,203. The total square footage of the property is 168,164, resulting in a price per square foot of $80.

Birchwood Apartments underwent foreclosure in early 2025, resulting in significant distress for the asset. Despite several attempts to attract buyers, it was not until NARKE became involved that a sale occurred. The seller facilitated 6.75% interest-only bridge financing. Post-acquisition, the buyer successfully improved occupancy from 57% to 85% and has pre-leased 92% of the units for August 2026. The buyer is now pursuing permanent financing within a year of acquisition, exemplifying their capability in managing renovations and capital expenditures in-house.