MIDLAND/ODESSA, TX—As the oil market has returned to some normalcy, San Antonio-based Koontz Corporation has divested itself of two multifamily developments in West Texas. The buyer was Ft. Worth-based Olympus Property.
“Our investments in the Midland-Odessa multifamily 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 during 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.”
One property, Sedona Ranch in Odessa, 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.
“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.”
Koontz Corporation has developed several notable multifamily projects in the San Antonio area including the CityVista San Antonio project, sold last year to Trinity University, and most recently, the Lakeview Villas project in New Braunfels.
“We are geographically focused on select Texas markets, especially the Austin/San Antonio metro region,” Troves Gilbert, CFO at Koontz Corporation, tells GlobeSt.com. “We continue to pursue development opportunities in multifamily, office and industrial within these familiar markets. Our strategy for growth is stick to the fundamentals and respond to proven demand with the right product at the right price.”
San Antonio-based Koontz Corporation is a development and construction company focusing on multifamily and commercial properties throughout Texas. Koontz was represented in the transaction by Institutional Property Advisors, a division of Marcus & Millichap.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
