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MIDLAND, TX-In an off-market transaction, Haley Associates LP has added 416 units to its growing West Texas portfolio. The Omaha company secured $43.1 million to pay for the two just-acquired assets and a recently bought pair in Lubbock, TX.

Haley Associates bought the 184-unit Polo Park Apartments at 4700 Polo Pkwy. and 232-unit Windtree Apartments at 3600 W. Loop 250 N., less than five miles apart. The seller is Terry Holden of Las Vegas. On average, comparable complexes in the city are trading for close to $40,000 per unit.

Both Midland complexes were built in the early 1980s, but no upgrades will be needed, according to Tammi Adams, Haley’s assistant director of acquisitions and dispositions. She tells GlobeSt.com that the main appeal of both complexes is their 100% occupancy. “That’s Midland. It’s such a booming market, you can turn in keys to an empty apartment on Friday, clean up the apartment and give keys out for a new rental the following Monday,” she says.

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

Art Wadlund, a partner in Hendricks & Partners’ Tucson office, brought the deal to Haley from the seller. Adams says she hopes to do more business with Holden in the future. “He’s definitely a man of integrity and we enjoyed doing business with him,” she adds.

Polo Park Apartments has one and two-bedroom units measuring from 720 sf to 1,346 sf. The monthly rents go from $675 to $975. Windtree Apartments also has one and two-bedroom apartments, ranging from 700 sf to 1,000 sf. Its rents are $630 to $735 per month. Haley’s sister company, Dial Equities, will handle management and leasing.

Jonathan Gilfillan, vice president with Live Oak Capital Ltd., arranged for a seven-year loan, with four years of interest-only payments with Column Financial Inc. of Atlanta. The loan was originated through Column’s Fannie Mae DUS program.

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