Lofty 5604 Brownfield Dr

32 Units (8 Quadplex Apartments) in Lubbock, TX.

Offering Details

• Austin Hughes, with Thunder Sun Homes, is transferring his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
• Tokens represent direct ownership in the LLC that owns the property. Austin will maintain at least 10% ownership in the LLC indefinitely.
• View the LLC documents here.

Property Details

• The property details below have been provided by the co-owner and property manager, Austin Hughes.
• Step into the world of multifamily real estate with the Everstone Apartments, a 32-unit property designed to deliver stability and exceptional returns for discerning investors.
• Located in a great part of Lubbock, this property combines an unbeatable location with a strong tenant base, making it a standout opportunity for Lofty investors seeking to scale beyond single-family homes.
• Property Highlights:
  • Unit Mix: 32 spacious 2-bedroom units, each averaging 920 sq. ft., with the added luxury of attached garages.
  • Total Size: A substantial 29,440 sq. ft. property built in 1986, offering a well-maintained and functional living experience.
  • Occupancy & Rent Growth: Consistently over 90% occupied, with rents currently being raised to meet market demand.
  • Prime Location: Situated near the Marsha Sharp Freeway, Loop 289, and just minutes from Texas Tech University, the property attracts a steady flow of tenants seeking convenience and accessibility.
• Why Multifamily?
  • Investing in multifamily properties like the Everstone Apartments opens doors to significant advantages compared to single-family investments:
  • Stability: A diversified income stream across 32 units reduces the financial impact of occasional vacancies.
  • Upside Potential: Rent growth, operational efficiencies, and value-add opportunities provide paths to increased profitability.
  • Scalability: A single investment provides access to multiple units, offering a more efficient way to build your portfolio.
  • Market Demand: Multifamily properties are consistently in high demand, particularly in thriving cities like Lubbock.
• Why Lubbock?
  • Lubbock is a market synonymous with economic resilience and steady growth:
  • Anchor Institutions: Home to Texas Tech University and a major medical hub for West Texas, Lubbock offers a consistent and diverse tenant pool.
  • Strong Fundamentals: A city built on agriculture, education, and healthcare, Lubbock provides investors with confidence in long-term market stability.
  • Accessible Location: Everstone Apartments’ proximity to major thoroughfares ensures tenant convenience and appeal.
  • Professional Management by Thunder Sun Homes
  • With a proven track record of managing over 580 rental units, Thunder Sun Homes brings expertise and a "treat people like gold" philosophy to property management. This commitment to excellence ensures high tenant satisfaction and retention, driving long-term value for investors.
• Take your real estate portfolio to the next level with the Everstone Apartments. This property offers the rare combination of location, stability, and growth potential, making it a standout choice for Lofty investors ready to embrace the benefits of multifamily investments.
• Explore the unmatched opportunities of multifamily real estate—invest in the Everstone Apartments today!

More About the Seller

• Born in Lubbock, TX, and raised in Houston, Austin Hughes has always been driven by a passion for self-improvement and excellence, both in academics and sports. In 2012, Austin returned to Lubbock to attend Texas Tech University, where his dedication to real estate investing began to take shape. Studying real estate extensively outside the regular curriculum, he founded Thunder Sun Homes during his senior year in September 2015.
• Since its inception, Thunder Sun Homes has flourished under Austin's leadership. With over 100 properties flipped and a growing portfolio exceeding 500 rental units and notes receivable, the company has become a powerhouse in the real estate industry. As CEO, Austin oversees the financial operations, supported by a skilled team that includes an operations manager, construction project manager, marketing specialist, transaction coordinator, full property management team, and an acquisitions team.
• One of Thunder Sun Homes' greatest strengths is its versatility in handling various types of remodels and investment strategies. From flipping and renting to owner financing and vacation rentals, the company maximizes every investment opportunity. Austin firmly believes that having a multitude of options is key to holding power in the real estate market.
• In addition to his business achievements, Austin is dedicated to fostering a strong community of real estate investors locally. He does this through the monthly Lubbock REI Group that he hosts. This event offers education and networking opportunities, where Austin shares the strategies and tactics that have propelled him to success.
• Outside of real estate, Austin enjoys jiu jitsu, playing piano, and singing in the worship band at church. With a consistent weightlifting routine spanning 15 years and a competitive spirit in judo, having twice won bronze medals at the state championships, he brings the same dedication to his personal pursuits as he does to his professional ones. A passionate cook and food enthusiast, Austin approaches every challenge with zeal and determination, aiming to leave a lasting legacy.
• Join Austin Hughes and Thunder Sun Homes in transforming real estate investments into lucrative opportunities. With a proven track record and a dynamic approach, Austin is committed to helping investors achieve exceptional returns.

Property Management and Insurance

• Managed by the seller, Austin Hughes, with Thunder Sun Homes
• Property Management Agreement
• Per the seller, Austin, the property management fee will be set at 25% of the rental income. This fee structure is designed to help the property owner make debt service payments while still providing excellent yields to investors. By ensuring that the property manager has the necessary resources to effectively manage the property, they are able to bring high-quality properties like this to the Lofty marketplace and ensure their long-term success. The management fee drops to 10% of gross rental income once the loan is paid off in full. View additional terms in the Property Management Agreement above regarding the Property Manager removal criteria.
• Insurance Policy from Scottsdale Insurance Company.

Property Leverage

• This property has a loan balance of $2,728,900. View the loan documents here
• As the seller, Austin Hughes pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Occupancy Status

• 29/32 units leased with 2 units under eviction
• View Lease Agreements
• View Rent Roll
• Austin is providing a rent credit of $11,776 to increase the rental yield to 20% for investors over the next month. This adjustment addresses lower-than-expected November rent collections, partly due to outstanding payments from Texas Housing, a rental assistance program, which had been sent to the previous property manager.

Location Data

• "A-" Rating for Zip Code on Niche

Due Diligence Documents

• Appraisal
• Inspection Reports
• Profit & Loss Statement (2024)
• Operating Agreement
• View All Documents