WTI Tops $70: Koontz Sells Two Multifamily Projects in Permian Basin
Sedona Ranch Apartments
ODESSA, Texas – San Antonio-based Koontz Corp. has sold two multifamily developments in the Permian Basin of West Texas to Fort Worth-based Olympus Property.
The announcement arrives as West Texas Intermediate crude surpassed $70 per barrel 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 resilient and navigated the downturn in oil prices over the past few years with relatively little disruption. The recent recovery in oil prices has driven higher occupancy and rents, creating an opportune moment to divest.”
In Odessa, Sedona Ranch is a 268-unit Class A garden apartment community that Koontz completed in August 2015. The transaction also included Sundance Creek, a 300-unit garden-style community in Midland that was finished in December 2015.
Institutional Property Advisors, a division of Marcus & Millichap, represented Koontz Corp. in the sale.
Koontz Corporation has developed several notable multifamily projects in the San Antonio area, including the CityVista San Antonio development, which was sold last year to Trinity University, and more recently the Lakeview Villas project in New Braunfels.
Founded in 1992, Olympus Property currently owns and manages more than 17,000 units across ten states.
