LUBBOCK, TX - Metonic Real Estate Solutions announced the acquisition of Wyndham Apartments, a 144-unit apartment community located in Lubbock, Texas.
"We believe Wyndham is an ideal addition to Metonic's growing Texas portfolio," said Adam Kirshenbaum, Metonic's Chief Operating Officer. "Lubbock's growing diversified employment base, low unemployment, and potential for continued rent growth make it one of our target markets. We are pleased to add Wyndham to our portfolio at a price well below replacement cost."
Metonic plans to improve the living quality for residents; enhancements will include an upgraded clubhouse and pool area combined with high quality in-unit upgrades to flooring, kitchen and bath areas.
Metonic will also implement energy efficient improvements targeting a 20% or more reduction to the community's total annual energy and water use. Metonic believes these enhancements will improve the bottom line of the community through lower utility costs, increasing environmental sustainability, and improving the affordability and quality of housing for residents.
The acquisition expands Metonic's Texas portfolio to 12 communities consisting of over 2,300 apartment units. Metonic selected property management services from Seldin Company, a leading property management firm throughout the central United States.