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Midland-Odessa Likely a Positive Impact in Near Term

The Reserves at 700 is located in an area where property fundamentals and economic conditions continue to improve, which will have a positive impact on the property’s performance in the near term.

Reserves at 700 The Reserves at 700 was built in 2017 with 180 residential units in three-story buildings.

BIG SPRING, TX—The Reserves at 700 was built in 2017 and is comprised of 180 residential units in three-story garden-style multifamily buildings in the Midland-Odessa MSA, 40 miles northeast of Midland. The property contains 177,990 square feet of net rentable area and offers one- and two-bedroom units with five different unit layouts.

Hunt Real Estate Capital recently provided a Fannie Mae conventional loan in the amount of $18.5 million to finance the acquisition of the multifamily property. The loan has a five-year term, amortizing for 30 years, with a 36-month yield maintenance period, followed by 21 months of 1% prepay and 90 days of open prepay. The borrowers are Robert Blau and Adam Jacobson.

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Lisa Brown

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.

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