Ashford Odessa Square Apartments is located in Odessa Texas, the heart of the Permian Basin, the largest oil and gas producing area of the Nation and 4th largest in the world. The property received repairs/upgrades in the last 24+ months in the amount of approximately $15,400/unit, which includes approx. $790K in exterior repairs and improvements, and $862K in interior improvements. The interior improvements include some of the following and varies per unit; Flooring, New Appliances, HVAC’s, Granite Countertops, Carpet, Cabinet Doors, Blinds and Upgraded Fixtures – upgrades vary by unit. All units have individual hot water heaters, of which approximately 33% have been replaced in the last few years. In addition, many of the appliances have also been replaced. There seems to be upside with continued exterior and interior upgrades, strong management, and with stabilization of the income.

Positioned in a high-growth market with 12.1% averages annual rent appreciation and minimal new competitive supply, the property benefits from Odessa’s role as the leading oil and gas employment center and emerging industrial hub. The property includes a 3 building, 101 unit storage facility. Current management has leased approximately 21 units, leaving upside to a new owner. Continued improvements to the facility and a little more focus on renting and caring for the storage units should bring a much higher occupancy and income flow than is currently being produced from the storage facility.