Investment Overview

Marcus & Millichap is pleased to present Brookview, a 194-unit, value-add asset in Odessa, Texas. The asset is located in the highest rent growth MSA in the United States, with projected 6.7% GDP growth in Midland-Odessa in 2024, well above the national average of 2.5%. Odessa is home to a diverse public and private sector employment base, including the University of Texas Permian Basin, a four-year public research university that is home to nearly 6,000 undergraduate and graduate students. As a result of the outsized presence of public education in Odessa, education, followed by health services, are two of the largest sectors in the local labor market. Additionally, Odessa boasts many of the world’s largest petroleum producing companies, adding to its large, well-educated labor force and high-income jobs. The Midland/Odessa market achieved 9.3 percent annual rent growth in the first quarter of 2024, making it the top rent-growth submarket in the United States (RealPage Data). With zero units under construction and low vacancy, the market is well poised for additional rent growth well into the future. A new investor has the unique opportunity to implement a comprehensive value-add program at the property to achieve significant rent premiums. Current rents are well below the submarket average, allowing for immediate upside through substantial organic growth in addition to upgrade premiums.