DESCRIPTION. Savoy is a 66-unit student housing community located adjacent to Texas Tech University. The property is less than a three minute drive to the following popular eating destinations: Chick-fil-a, Panda Express, Chili's, Starbucks, Papa Johns, Whataburger, Chipotle, Golden Chick, Potbelly's, Dion's, Raising Cain's, and many more. There is great upside potential in converting the rental structure to "Rent by the Bed". The rents at Savoy are extremely low averaging only $0.97 PSF. Nearby properties, including the adjacent property Raider Walk, are averaging $1.30 PSF and higher. Along with the Savoy Apartments, there is an additional 2.55 of contiguous acres that must be purchased along with the apartments. This provides investors the unique opportunity to own and develop the last remaining student housing tract adjacent to Texas Tech University. This is the next high profile Student Housing development tract available adjacent to the campus. This 4.47 acre tract can be approved for a redevelopment of up to 6 stories and over 600 beds. Please see the Redevelopment Opportunity page for more information concerning the land tracts. FLOOR PLANS. The floor plans consist of (20) 1 x 1 units at an average of 650± square feet and (46) 2 x 2 units with an average of 970± square feet. Savoy has a total of 66 units with an office. The total net rentable square footage is 57,470 with an average unit size of 871± square feet. UTILITIES. Electricity & water/trash are individually metered and paid by resident.


Property Type: Multi-Family
Listing ID: 769KHS
Style: Multi-Family (Over 20 Units)
Area Demographics