236-Unit Birchwood Apartments Sells to First-Time Texas Buyer

Features December 12, 2025| | Amy Wolff Sorter

Birchwood Apartments, a 236-unit vintage multifamily asset in Lubbock, TX, sold to a New York investor operating under the name of Birchwood Holdings 6402 LLC. The deal closed north of $11 million and marked the buyer’s first foray into the Lone Star State and apartment ownership.

“This was a listed transaction we had with the previous owner before it was foreclosed on,” said Jon Krebbs with The Multifamily Group (TMG). Krebbs, who sourced the buyer, explained that his team had gotten in touch with the REO seller, Benefit Street Partners, which agreed to relist the property. “The pricing made more sense the second time around, with the lender offering great terms,” Krebbs told ApartmentBuildings.com. Yonic Land, also with TMG, represented the New York City seller in the transaction.

Krebbs explained that the deal made sense for the buyer, which wanted to deploy excess capital for depreciation and tax purposes. “This was a quick 60-day close, with non-refundable earnest money on day one,” he said. “We brought a new buyer to the market and successfully closed their first escrow.”

Birchwood Apartments is at 6402 Albany Ave., along Loop 289, one of Lubbock’s main ring roads. The 1977-built property is across the way from South Plains Mall and a 12-minute drive from Texas Tech University. The occupancy rate was in the mid-70% range at the time of closing. Krebbs said that the new owner plans to repair and renovate off-line units, while taking steps to increase the occupancy.

The property offers one-, two-, and three-bedroom units, ranging in size from 540 to 1,065 square feet. On-site amenities include a swimming pool, sun deck, fitness center, clubhouse, business center, two laundry facilities, a dog park, a playground and two barbecue areas.

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236-Unit Birchwood Apartments Sells to First-Time Texas Buyer

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout