June 6, 2017
A&R Management LLC acquired Faudree Ranch, a 300-unit, Class A apartment complex in Odessa, TX. The Florida-based investor acquired the asset from developers Juniper Investment Group and Ascension, based in Houston, for an undisclosed amount. Bart Wickard with ARA Newmark represented the buyer in the transaction.
“This trade represents the first significant Class A multihousing trade in almost three years in Odessa,” Wickard said. “A&R had been looking in the area for years for acquisition opportunities, and timing was right to execute on Faudree Ranch.”
Faudree Ranch, at 2741 Faudree Rd., delivered in 2014, and offers one, two and three-bedroom units. On-site amenities include a putting green, Bocce Ball court, horseshoe pit, swimming pool and outdoor kitchen with a fire pit.
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