RealINSIGHT Marketplace and Greysteel are pleased to offer The Village Place Apartments for sale. The Village Place Apartments is a 100-unit value add community Odessa, Texas. Housing demand has skyrocketed in Odessa in the past 18 months and this asset is an excellent opportunity to capitalize on these trends as rents continue to rise. The community is comprised of 8 one-bedroom units, 24 two-bedroom units, 50 three-bedroom units, and 18 four-bedroom units.
100-Unit Value Add Opportunity
The Village Place Apartments is a 100-unit multifamily property located in the heart of Odessa. Constructed in 1971, the property boasts thirteen 2-story buildings all with brick veneer and vinyl siding. The property remains in good condition with substantial room to add value through exterior renovation and light interior rehabs. With over 90% of the units having two or more bedrooms, the new owners also have the opportunity to add substantial value by increasing occupancy alone.
Fastest Rent Growth in Country
The Midland and Odessa apartment rental market boasted a stunning rental increase of 41.6% in 2017, according to RealPage. This was the strongest annual rent growth in the country. Rent growth was not the only drastic increase, as occupancy in the market jumped 6.7 percent year-over-year during 2017, landing at 95.7% in the 4th quarter.
Strategic Location Proximate to Thoroughfares
Village Place is located off of Milburn Avenue and Adams Avenue, 2-miles north of I-20, a major east-west Interstate Highway that runs 1,535 miles from Kent, Texas to Florence, South Carolina. I-20 provides direct access to major metropolitan areas in Texas including Abilene and Dallas-Fort Worth, and it connects to other Interstate Highways for travel throughout the state of Texas. The closest major intersection to the property is Adams Avenue and E. 8th Street which sees an average daily traffic count of 23,620 cars.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
1219 Milburn Avenue, Odessa, TX 79761
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.
Lamar P. Fisher
Fisher Auction Company Inc.