Boston Creek Lubbock, Texas

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Boston Creek

Address

2701 44th St
Lubbock, TX 79413

Executive Summary

Boston Creek (the “Property”) is a 349-unit, garden-style multifamily community located in the heart of Lubbock, Texas. Situated on approximately 21.90 acres, the Property consists of 90 one- and two-story residential buildings. The unit mix includes studio, one-bedroom, two-bedroom, and three-bedroom floorplans, offering a variety of layouts and amenities that cater to a diverse tenant base. Layouts include 178 units of two-story garden style multifamily apartments, 159 duplex units, and 12 condo units.

Strategically positioned just 1.7 miles from Texas Tech University—with a record 2024–2025 enrollment of 41,405 students—Boston Creek is well-located to capture student and young professional tenants. The Property also benefits from proximity to major retail centers, restaurants, and entertainment venues, further enhancing its tenant appeal.

The Property is currently 91.23% occupied. In 2019, approximately 108 units underwent full interior renovations, featuring upgraded cabinetry, hardwood-style flooring, stainless steel appliances, granite countertops, and modern kitchen and bathroom fixtures. The renovated units are seeing an average premium of $106. Community amenities include a clubhouse, fitness center, package lockers, sundeck, sand volleyball court, multiple laundry facilities, and on-site management and maintenance.

Boston Creek Apartments presents an ideal opportunity for a new investor seeking a value-add investment in a stable, supply-constrained market. With an in-place occupancy of 91.23%, a clear path to increasing rents through unit renovations, and proximity to a major university driving consistent demand, the Property offers both immediate cash flow and long-term upside.

Investment Highlights

Significant Value-Add Upside: Only 31% of units (108 of 349) have received full interior renovations, leaving 241 classic units with untapped rent upside. Renovated units are already achieving a $106/month rent premium, offering a proven framework for value creation through continued upgrades.

Economies of Scale in a Garden-Style Setting: With 349 units spread across nearly 22 acres, Boston Creek provides operational efficiencies and scalability in a low-density environment, which is increasingly attractive to tenants seeking space and affordability.

Growing market with No New Supply: The Lubbock multifamily market is supply-constrained, with no new multifamily developments planned within the city limits. This dynamic supports long-term rent growth and minimizes competitive lease-up pressure.

Student Demand Anchor + Broader Appeal: Boston Creek’s proximity to Texas Tech University supports consistent leasing velocity, while its unit mix and amenity package also attract young professionals and families, reducing over-reliance on any single tenant demographic.

Opportunity to Modernize and Rebrand: Boston Creek is well-suited for a repositioning strategy that includes modern signage, amenity enhancements, and exterior upgrades, further enhancing curb appeal and market perception.

Robust Employment and Education Base: Lubbock is home to Texas Tech University, Covenant Health, and UMC Health System, providing stable employment drivers and a strong tenant pipeline.