ODESSA, Texas – (Realty News Report) – San Antonio-based Koontz Corp. sold two multifamily developments in the Permian Basin of West Texas to Fort Worth-based Olympus Property.
The announcement comes as West Texas Intermediate crude crossed the $70 per barrel threshold for the first time since 2014.
“Our investments in the Midland-Odessa multifamily market have proven to be quite successful,” said Koontz Corp. CEO Bart Koontz. “The market there is very resilient and had little problem weathering the dip in oil prices experienced over the past few years. The recent return of oil prices to more normal levels has fueled increases in occupancy and rents, providing us an opportune time to divest.”
Located in Odessa, Sedona Ranch is a 268-unit Class A garden apartment community completed by Koontz in August 2015. The sale also included the 300-unit Sundance Creek property in Midland, a garden-style community completed in December 2015.
Koontz was represented in the transaction by Institutional Property Advisors, a division of Marcus & Millichap.
Koontz Corporation has developed several notable multi-family projects in the San Antonio area including the CityVista San Antonio project, sold last year to Trinity University, and most recently, the Lakeview Villas project in New Braunfels.
Founded in 1992, Olympus Property currently owns and manages more than 17,000 units across 10 states.