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Advenir Acquisition: Odessa, TX

Oct 31, 2019

https://www.us.jll.com/en/newsroom/jll-arranges-financing-for-west-texas-apartment-complex

Advenir at Legado Ranch is ideally located in the affluent, rapidly expanding, Faudree submarket of Odessa, Texas. Advenir at Legado Ranch will benefit from strong job growth, in-migration, strong and stable long-term economic drivers, minimal new apartment and single family construction, and significant barriers to entry. Advenir at Legado Ranch sits among a small group of properties-built post 2013. The Property’s effective rent is discounted in comparison with older and inferior competition, partially because it is in lease-up, and also because it is currently under-managed. Resort style amenities combined with a diverse unit mix, containing unique studio floor plans, creates a strong value proposition for renters.

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