Ascott Residence Trust Acquires Student Housing In Lubbock For $70M
1701 North Quaker Avenue, Lubbock, TX 79416, USA
$70,000,000
$11,666/SF
Building Size
6,000 SF
Asset Type
Other
Closing
Sep 9, 2021
About this deal
AI
A student housing property located at 1701 N Quaker Ave in Lubbock was recently sold for a total of $70,000,000. The property consists of 1,005 beds and is situated in a desirable market.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $70,000,000
- Date: 09/09/2021
- Buyer: Ascott Residence Trust - Beh Siew Kim
The buyer of this property is Ascott Residence Trust, represented by Beh Siew Kim. This transaction demonstrates the strong demand for student housing in the Lubbock market.
Players
Lubbock Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93