ODESSA, Texas – A 300-unit apartment project has been sold in Odessa, the first significant multifamily deal in this West Texas oil patch city in three years.
Florida-based A&R Management bought the Faundee Ranch Apartments, which were constructed in 2014. The seller was the developer, a Houston-based joint venture between Juniper Investment Group and Ascension. Bart Wickard of ARA Newmark represented the buyer.
The Odessa project is 98 percent leased. The Odessa multifamily market has rebounded quickly over the last year as the Permian Basin rig count increased and workforce housing is in demand.
“Market occupancies and rental rates in Odessa have been on an incredible upward climb over the last year. With significant recent activity in the oil and gas industry and an increase in rig counts, we are seeing the market return to above average levels. With most of the new construction from 2013 and 2014 absorbed, and only one property under construction, we expect to see continued strength in the market,” added Wickard.
Constructed in 2014, Faudree Ranch is a garden-style property offering one-, two- and three-bedroom floorplans with stainless steel appliances, granite countertops, tile backsplash, built-in computer desks, faux wood flooring and garden tubs with curved shower rods. Community amenities include a horseshoe pit.
The apartment community is not far from the University of Texas of the Permian Basin.
June 10, 2017 Realty News Report Copyright 2017