California Investor Expands West Texas Presence with 280-Unit Buy

Features December 19, 2025| | Amy Wolff Sorter

Altus Equity Group (AEG) acquired two apartment complexes in Lubbock, TX, paying north of $21 million for the 216-unit Bentwood Apartments and adjacent 64-unit Bend at Bentwood. The off-market transaction follows AEG’s spring 2025 buy of a 1,225-unit multifamily portfolio in the Midland/Odessa area.

Bryce Smith and Guillermo Gameros of The Multifamily Group (TMG) represented the local seller and the California-based buyer, and spoke with ApartmentBuildings.com about the transaction. The portfolio’s closing marks TMG’s second in Lubbock within the past four weeks; TMG brokered the sale of the 236-unit Birchwood Apartments in late November.

Smith said that Bentwood Apartments (built in 1983) was 99% occupied at closing, while the nearby Bend at Bentwood (which came online in 2014) was at 100% occupancy.

The buyer acquired the assets with funds from a 1031 exchange and assumed existing Fannie Mae financing. According to AEG’s website, the well-maintained assets provided immediate and consistent cash flow. Furthermore, limited supply and room for organic rent growth provide a long-term upside. Gameros added that the new owner is planning unit renovations in both properties.

Bentwood Apartments, located at 3201 W. Loop 289, and The Bend at Bentwood, situated at 5820 34th St., offer one- and two-bedroom floor plans. Community amenities include swimming pools, a picnic courtyard, a 24-hour fitness center, a clubhouse with a business center and laundry facilities.

The properties are located across the road from the new West End development and Lubbock’s only Costco. They’re also near Texas Tech University, University Medical Center, Covenant Health Systems and several major employers.

Gameros explained that the region is experiencing an uptick in multifamily transactions. “Lubbock is a good market for capital chasing stabilized yield,” he said, adding that population growth and strong fundamentals appeal to investors.

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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