January 17, 2020
A DST sponsored by Los Angeles-based Pacific Oak Capital Advisors acquired Meridian Apartment Homes, a 280-unit multifamily complex in Midland, TX. The DST offering raised approximately $28.3 million to buy the garden-style property from seller RRERF Meridian LP, which was traced to The Related Companies of New York City.
The property opened in 1983 on 12.4 acres at 4400 N. Holiday Hill Rd., and consists of one and two-bedroom units. Amenities include a swimming pool, hot tub, business center, playground, clubhouse, laundry facility and fitness center. The complex was 95.4% occupied at the time of the sale.
“Located in the midst of the Permian Basin, Midland is a modern-day oil boomtown experiencing significant population growth and housing demand,” said Pacific Oak Capital’s Keith Hall. “As a result, Meridian Apartment Homes is one of the area’s most popular multifamily rental communities, which enjoys high occupancy and attractive cash flow.”
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