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8/18/13
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Los Angeles-based L5 Real Estate Investments (“L5”), Odyssey Properties and Titan Real Estate Investment Group have sold their Odessa, Texas residential portfolio for an undisclosed amount.
The portfolio consists of two Class B multifamily communities: The Woodlands, a 312-unit apartment complex and Windchase Townhomes & Apartments, an 80-unit property. Both properties were 100% leased at time of the sale. Built in the early 1980s, Windchase was purchased by this partnership in August 2009, and The Woodlands was acquired in October 2010.
Located at 5050 Tanglewood Lane, The Woodlands features fireplaces, all kitchen appliances, a full-size washer/dryer, walk-in closets, a patio or balcony with storage, designer paint, and brushed nickel plumbing fixtures.
Windchase Townhomes & Apartments, which is located across the street from The Woodlands at 4100 East 50th Street, features wood-burning fireplaces, ceramic tile entries, ceiling fans, all kitchen appliances, bay windows, full-size washer/dryer connections, walk-in closets, private patio or balcony with storage unit and French doors, and separate dining rooms,
Situated in close proximity to the University of Texas of the Permian Basin campus, the properties are in a desirable neighborhood and within walking distance of Music City Mall, the largest regional shopping center in West Texas.
“Capital from the sale of these properties will be reinvested in other multifamily acquisitions,” said Titan co-founder and Managing Partner Kevin Kaseff, noting that Titan is currently focused on expanding its senior housing portfolio under the brand Titan/Senquest Senior Living. According to Kaseff, Titan/Senquest plans to invest $100 mil in senior properties over the next 12 months.
Located 350 miles west of the Dallas/Fort Worth area, Odessa was ranked by Forbes magazine as number one in the nation among small cities for job growth in 2012 and has enjoyed 9.8% job growth over the last 12 months, noted Kaseff. “With a low 4% rate of unemployment in the area, demand for apartments outpaces new supply, which made these properties an excellent opportunity and good value,” he said.
“The Odessa, Texas, market continues to boast 98%-plus occupancy and is well-known as a center for petroleum and natural gas output” added Flaherty, who noted that his firm is looking for opportunities to expand its investment portfolio in Texas and the Southeast. L5 Real Estate Investments and partners have closed on over 1200 units valued at $62M+ over the last few years.
This deal was sourced through ARA Real Estate Investment Services of Dallas.
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