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Westlake Apartments 5202 Bangor Ave 115 Unit Apartment Building For Sale Lubbock, TX 79414
Investment Highlights
- Opportunity to Add a Cable and Internet Package, Bring the Down Unit Back Online, and Implement Reserved Parking
- More than Half are 2-Bedroom Units with 1,080 SF
- 71 of the Units have Washers and Dryers Included
- Current Ownership has Injected Over $2.6MM in Capital Expenditures
- 70% of the HVAC Systems have been Replaced, Along with 85% of the Sewer Lines, Over the Last Three Years
- Within 1.5-Miles of Starbucks, Costco, Sam’s Club, Target, and the South Plains Mall
Executive Summary
Summary:
The Multifamily Group is pleased to present the exclusive offering of Westlake Apartments, a
unique, value-add opportunity in Lubbock, Texas. Built in 1973, the property comprises 115 units
averaging 907 square feet. The community offers a mix of one- and two-bedroom floor plans,
with more than half of the units featuring spacious 1,080-square-foot, two-bedroom layouts.
Current ownership has invested approximately $2.6 million in capital improvements throughout
the property (CapEx list is available upon request). It is currently 83% occupied, compared to a
strong submarket occupancy rate of 97%.
Value-Add:
• Implement a cable and internet package to generate additional monthly revenue.
• Bring the down unit back online.
• Introduce reserved parking as an additional revenue stream.
Location:
The Westlake Apartments are strategically located in Southwest Lubbock near Loop 289, providing
convenient access to many of the city’s largest employment, education, retail, and healthcare
destinations. The property is less than 10 minutes from Texas Tech University and Lubbock’s
major medical centers, including Covenant Medical Center and University Medical Center. Texas
Tech reached a record enrollment of more than 45,000 students in the fall of 2026, while Covenant
Health and UMC represent two of the region’s largest healthcare employers.
The property is positioned near one of Lubbock’s primary retail corridors, with South Plains Mall
nearby, and Target and Costco less than five minutes away. Residents also have convenient access
to numerous restaurants and entertainment options, including Starbucks, The Cheesecake
Factory, Chili’s, and Dutch Bros.
The Multifamily Group is pleased to present the exclusive offering of Westlake Apartments, a
unique, value-add opportunity in Lubbock, Texas. Built in 1973, the property comprises 115 units
averaging 907 square feet. The community offers a mix of one- and two-bedroom floor plans,
with more than half of the units featuring spacious 1,080-square-foot, two-bedroom layouts.
Current ownership has invested approximately $2.6 million in capital improvements throughout
the property (CapEx list is available upon request). It is currently 83% occupied, compared to a
strong submarket occupancy rate of 97%.
Value-Add:
• Implement a cable and internet package to generate additional monthly revenue.
• Bring the down unit back online.
• Introduce reserved parking as an additional revenue stream.
Location:
The Westlake Apartments are strategically located in Southwest Lubbock near Loop 289, providing
convenient access to many of the city’s largest employment, education, retail, and healthcare
destinations. The property is less than 10 minutes from Texas Tech University and Lubbock’s
major medical centers, including Covenant Medical Center and University Medical Center. Texas
Tech reached a record enrollment of more than 45,000 students in the fall of 2026, while Covenant
Health and UMC represent two of the region’s largest healthcare employers.
The property is positioned near one of Lubbock’s primary retail corridors, with South Plains Mall
nearby, and Target and Costco less than five minutes away. Residents also have convenient access
to numerous restaurants and entertainment options, including Starbucks, The Cheesecake
Factory, Chili’s, and Dutch Bros.
Property Facts
| Sale Type | Investment | Lot Size | 5.01 AC |
| No. Units | 115 | Building Size | 119,650 SF |
| Property Type | Multifamily | Average Occupancy | 80% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1973 |
| Building Class | C | ||
| Zoning | B2 | ||
| Sale Type | Investment |
| No. Units | 115 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.01 AC |
| Building Size | 119,650 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1973 |
| Zoning | B2 |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Fireplace
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Walk-In Closets
Site Amenities
- 24 Hour Access
- Business Center
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
- Pet Play Area
- Maintenance on site
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | R39044 | Improvements Assessment | $4,913,748 |
| Land Assessment | $436,252 | Total Assessment | $5,350,000 |
Property Taxes
Parcel Number
R39044
Land Assessment
$436,252
Improvements Assessment
$4,913,748
Total Assessment
$5,350,000
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