Odessa Community Gets $47M Acquisition Loan
- Nov 21, 2019
PROffutt has sold Legado Ranch, a 360-unit multifamily asset in Odessa, Texas, to Advenir. The new owner rebranded the property as Advenir at Legado Ranch. At the time of closing, the community had an occupancy rate of more than 91 percent.
JLL Capital Markets facilitated $46.5 million in acquisition financing from Freddie Mac, according to Ector County records. The mortgage has a fixed interest rate and is set to mature in 7 years. The seller acquired the site in 2015, also per public records.
Located at 4001 De Morada Drive on roughly 17 acres, the community was completed in 2018. The 12-building property features amenities such as a gym, movie theatre, swimming pool and dog park. Advenir at Legado Ranch is 3 miles from the University of Texas of the Permian Basin and some 8 miles from downtown Odessa. Several restaurants and shops are within walking distance.
Senior Managing Director Eric Tupler, Managing Director Josh Simon and Director Matthew Putterman represented the borrower. According to a Yardi Matrix ranking of the best-performing markets for rent growth, the Midland – Odessa metro topped the list and it continues to improve thanks to its main economic driver, a powerful oil industry.