3321 Neely Ave Midland, TX 79707

Listing agency Marcus & Millichap - San Antonio

Listed by Drew Garza · License #TX

Source Crexi

Added: Apr 12 Updated: Jul 21 at 1:58AM Checked: Jul 21 at 2:22PM

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Investment Insights

Based on property information with market context.

IPA Texas presents The Permian Value-Add Portfolio, a seven-property multifamily offering totaling 896 units across Midland and Odessa, Texas. The portfolio includes an opportunity for a comprehensive value-add program, with current ownership having completed upgrades on select units.

According to RealPage Data cited in the remarks, the Midland/Odessa market posted 15.6% annual rent growth in 3Q2023, and is described as the top rent-growth submarket in the United States. Midland and Odessa are located within the Permian Basin, where major petroleum producing companies support a large labor force and high-income jobs, per the provided materials.

Per the remarks, current rents across the portfolio are well below the submarket average, and approximately 70% of the units remain to be upgraded by a new investor. The offering is presented for sale, with the listed address of 3321 Neely Ave, Midland, TX 79707.

Key Highlights

• Seven‑property multifamily portfolio totaling 896 units in Midland and Odessa, TX.
• Approximately 70% of units remain to be upgraded, with some upgrades already completed on select units.
• Current rents across the portfolio are well below the Midland/Odessa submarket average, supporting organic rent growth potential.

Property Analytics

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FAQs

What type of property is this?

Apartment building - Seven-property multifamily portfolio totaling 896 units across Midland and Odessa, with approximately 70% of units pending upgrades.

Where is this apartment building located?

The property is located at 3321 Neely Ave Midland, TX.

What are key features of this property?

This property features: Seven‑property multifamily portfolio totaling 896 units in Midland and Odessa, TX.; Approximately 70% of units remain to be upgraded, with some upgrades already completed on select units.; Current rents across the portfolio are well below the Midland/Odessa submarket average, supporting organic rent growth potential.