1510 E Cornell St, Lubbock, TX 79403

To view the financials click here: https://buildout.com/website/1516656-sale

Property Description

Estrada North and Estrada South I were both developed in 2005 as tax credit properties and foreclosed in October 2024, resulting in the removal of their LURAs. Estrada North consists of 140 units, while Estrada South I includes 112 units—both offering a mix of one-, two-, and three-bedroom layouts. The exteriors of both properties were renovated in recent years, but each has several down units due to burst hot water heater pipes in vacant units where heat was not maintained—approximately 45 units at Estrada North and 42 at Estrada South I. Together, these properties present a compelling opportunity to acquire assets at a low basis, complete necessary renovations, and lease up to stabilization, ultimately delivering updated market-rate housing in an underserved and growing area.

Location Description

Estrada North sits less than 5 minutes from Estacado High School, Alderson Elementary, Talkington School for Young Women Leaders, Meadowbrook Golf Club, and Loop 289. Estrada South I has easy access to Interstate 27 and Highway 67 / 19th Street, and is 3 minutes to Dunbar College Prep Academy and Mae Simmons Park. Both of these properties are 10 minutes or less to Texas Tech University.

Since 2022, East Lubbock has exploded with new development. Companies like Leprino Foods, Tropicale Foods, and Plant Agriculture Systems are investing over $1 billion and creating 2,000+ jobs over the next decade.