About

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/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 – varies by unit. All units have individual HVAC’s, of which approx. 50% have been replaced in the last few years, and individual Hot water Heaters, of which approx. 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.

The property includes a 3 building, 101 unit storage facility. Current management has leased approx. 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.

The property is located less than 2-miles north of I-20, which is a major east-west Interstate Highway that runs over 1500 miles from Kent, Texas to Florence, South Carolina. I-20 is a direct route to Abilene and Dallas, Texas.

The property lies in a sub‐market that has seen above average market statistics for the state of Texas and has above average population growth since 2022. Housing in the area has not been able to keep up with the growth in the area. According to Co-Star, in a 10 mile radius of Ashford Odessa Square there is only 1 property due to deliver in the next 8
quarters and it does not deliver until the 4th Qtr of 2025. The Odessa Metro has seen an average annual gain in rents of 12.1% over the past four years (CoStar).