Related Offloads Four Midland Rental Communities
Related Cos. has sold a four-asset portfolio encompassing 277 multifamily and BTR units in Midland, Texas. The sales include Delmar Villas (92 units), Enclave (68 units), Brighton Court (60 units) and Signature Place (57 units). The properties are within approximately 2 miles of each other and roughly 4 miles from downtown Midland.
Multihousing News reports that the four properties were part of a larger, 21-asset assemblage comprising 3,128 units that Related had acquired in 2014 for approximately $300 million. Plans call for renovations at all four rental communities.
In April 2024, the four communities became subject to separate Fannie Mae CMBS loans, which amounted to a combined $27.2 million. CBRE Capital Markets originated each note.
IPA’s Will Balthrope and Drew Garza, together with Marcus & Millichap’s Tommy Lovell III and Senior Richard Robson, represented Related Cos. and procured the buyer.
Last year, Altus Equity Group and Wellings Capital acquired a portfolio from Related in the same region, encompassing six assets that totaled 1,225 units.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout