Haley Associates bought the 184-unit Polo Park Apartments at4700 Polo Pkwy. and 232-unit Windtree Apartments at 3600 W. Loop250 N., less than five miles apart. The seller is Terry Holden ofLas Vegas. On average, comparable complexes in the city are tradingfor close to $40,000 per unit.

Both Midland complexes were built in the early 1980s, but noupgrades will be needed, according to Tammi Adams, Haley'sassistant director of acquisitions and dispositions. She tellsGlobeSt.com that the main appeal of both complexes is their 100%occupancy. "That's Midland. It's such a booming market, you canturn in keys to an empty apartment on Friday, clean up theapartment and give keys out for a new rental the following Monday,"she says.

Adams says another reason why Haley Associates is looking formore complexes in West Texas is the oil boom. In early April, thecompany bought the 415-unit Willow Hill Apartments and the 224-unitMeridian Park Apartments in Lubbock.