IPA Brokers Two-Property West Texas Multifamily Portfolio Sale
DALLAS, May 23, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of a two-property Texas multifamily portfolio totaling 568 units. The properties are Sundance Creek, a 300-unit community in Midland and Sedona Ranch, a 268-unit property in Odessa.
“West Texas is thriving and the cities of Midland and Odessa are currently ranked fourth and seventh in the state, respectively, for employment growth,” says Will Balthrope, IPA executive director.
Balthrope, Drew Kile, IPA senior director, Jennifer Campbell, IPA associate director, and Giuseppe Thum of IPA, represented the buyer, Fort Worth-based Olympus Property and the seller, San Antonio-based Koontz Corp.
Sundance Creek was constructed in 2015 next to the Midland Country Club on the north side of Midland off Route 250 and near Interstate 20. Built in 2014, Sedona Ranch is located in Odessa’s Faudree Road Corridor, near Interstate 20 and Highway 191. Nearby major employers include Pioneer Natural Resources, Halliburton, Saulsbury Industries, Keane Group, Odessa Regional Medical Center, and Medical Center Hospital.