Koontz Corporation Announces Sale of West Texas Apartments
Timing of Sale Takes Advantage of Robust Midland/Odessa Multi-Family Market
SAN ANTONIO—May X, 2018. San Antonio-based Koontz Corporation (Koontz) today announced the sale of two multi-family developments in West Texas to Ft. Worth-based Olympus Property.
“Our investments in the Midland-Odessa multi-family market have proven to be quite successful,” said Koontz Corporation President and CEO Bart Koontz. “The market there is very resilient and had little problem weathering the dip in oil prices experienced over the past few years. The recent return of oil prices to more normal levels has fueled increases in occupancy and rents, providing us an opportune time to divest.”
Located in Odessa, Sedona Ranch is a 268-unit Class A garden apartment community completed by Koontz in August 2015. The sale also included the 300-unit Sundance Creek property in Midland. This Class A garden-style community was completed in December 2015.
Koontz was represented in the transaction by Institutional Property Advisors, a division of Marcus & Millichap.
Koontz Corporation has developed several notable multi-family projects in the San Antonio area, including the CityVista San Antonio project, sold last year to Trinity University, and most recently, the exciting Lakeview Villas project in New Braunfels.
“This sale was a positive strategic move for our company,” said Koontz. “It’s always a little bittersweet to sell great assets like Sedona Ranch and Sundance Creek, but it’s extremely gratifying when a company the caliber of Olympus Property likes what you’ve built.”
About Koontz Corporation
Headquartered in San Antonio, Koontz Corporation is an award-winning industry leader in the development and construction of multi-family and commercial properties throughout the state of Texas. The company takes great pride in building projects of enduring quality and exceptional value for their clients, investors, buyers and tenants. For more information, visit http://koontzcorp.com.
About Olympus Property
Founded in 1992, Olympus Property is a fully integrated real estate investment firm based in Fort Worth, Texas. Over its 25-year history, the company has become a successful and recognized name in the multi-family industry. Olympus currently owns and manages more than 17,000 units across 10 states, including Texas, Florida, Oklahoma, Arizona, Tennessee, Georgia, New Mexico, Arkansas, California and Utah. For more information, visit http://olympusproperty.com.