Related Cos. Sells Texas Portfolio
The seller bought the assets in 2014 as part of a $300 million purchase.
Related Cos. has sold a four-asset portfolio encompassing 277 multifamily and BTR units in Midland, Texas, according to Yardi Matrix data.
Institutional Property Advisors, a division of Marcus & Millichap, brokered this deal. Additionally, IPA also worked on the sale of another Midland community—The Everett at Ally Village. StoneHawk Capital Partners divested this 288-unit property, Yardi Matrix shows.
According to the data provider, Related’s sale includes:
- Delmar Villas, 92 units at 509 Delmar St.
- Enclave, 68 BTR homes at 3500 Boyd Ave.
- Brighton Court, 60 apartments at 3321 Neely Ave.
- Signature Place, 57 BTR units at 1907 Tarleton St.
These 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 at the time called for the collection’s repositioning through capital upgrades.
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In April 2024, the four communities became subject to separate Fannie Mae CMBS loans, which amounted to a combined $27.2 million, the data provider shows. CBRE Capital Markets originated each note.
The properties are within approximately 2 miles of each other and roughly 4 miles from downtown Midland. Nearly 500,000 square feet of retail space can be found within walking distance. Notable employers in the market include Occidental Petroleum, Chevron and XTO Energy, among others.
IPA Executive Managing Director Will Balthrope and Senior Managing Director Drew Garza, together with Marcus & Millichap Managing Director Tommy Lovell III and Senior Director Richard Robson, represented Related Cos. and procured the buyer. Balthrope and Garza also brokered the sale of The Everett at Ally Village.
Midland-Odessa leads in rent growth, investment has room to grow
Metro Midland had the highest average rent growth throughout the U.S., with the figure increasing 10 percent year-over-year, according to prepared remarks by Balthrope.
The flow of multifamily investment did not mirror rental growth, as capital dropped a significant 49.8 percent year-over-year, to just $72.3 million during the first 11 months of 2025, according to Yardi Matrix data.
One of this year’s largest deals throughout Greater Midland-Odessa closed in April, also involving Related Cos., the data provider shows. Altus Equity Group and Wellings Capital acquired a portfolio from Related, encompassing six assets that totaled 1,225 units.
