Magnolia Senior Living

4000 N San Antonio St. Odessa, TX, 79765
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Investment summary

Units200

Year built2024

Average unit size797

Net rentable sf159,400

Average rent/unit$1,132

Average rent/sf$1.42

Executive summary

BWE Investment Sales LLC (BWE) is pleased to offer the exclusive opportunity to acquire the Special Limited Partner (SLP) Interests in the Partnerships that owns Magnolia Senior Living (200 units), a Class A luxury affordable property in Odessa, Texas. The property caters to two different demographics, family & senior. This allows for each property to cross-reference residents and build economies of scale. Magnolia Senior Living features top-of-the-line amenities, including granite countertops, resort-style swimming pool, putting green, outdoor grill, upscale gym, hair salon, and many others. Magnolia Senior Living was completed in April 2024 and is currently in lease-up. Located in East Odessa right off Hwy 191, the location provides residents with convenient access to Midland, only 15 miles east. Surrounded by affluent neighborhoods, including the Odessa Country Club, single-family home values are $1M+. There is an abundance of restaurants, retail, entertainment, and grocery stores nearby. This is a unique opportunity to acquire the controlling interest in a luxury affordable properties with extremely attractive in-place investment fundamentals.

 

Bang Realty-Texas Inc | License No. 701472

Investment highlights

100% real estate tax exemption

Due to the unique, highly desirable Texas Chapter 394 Housing Finance Corporation (HFC) structure, Magnolia Senior Living protects a new owner from burdensome real estate tax expenses and future reassessment risk.

Limited senior product & no new supply

With only 304 senior units in Odessa, according to Costar, Magnolia is poised to quickly lease-up and maintain strong occupancy. Coupled with no new multifamily units under construction, a new partner should benefit from high occupancy for years to come.

Attractive in-place financing

The property has a HUD 221(D)(4) fully amortizing loan with an astonishing low interest rate of 2.7%. Stepping into the Partnership removes interest rate risk and allows you to benefit from a rate that is 400 bps lower than market.

Affluent neighborhood and extensive retail options nearby

Being located near US Hwy 191, one of the main connectors between Odessa and Midland, provides the property with great accessibility. Down the street is the Odessa Country Club where homes values exceed $1M. Within 2 minutes, residents have access to a plethora of retail, restaurants, and entertainment.

Amenities

Community

  • Fitness center
  • Swimming pool
  • Club house resident center
  • Bache court and corn hole
  • Hair salon
  • Planned resident services
  • Resident transportation
  • Library
  • Common area wifi

Apartment

  • Contemporary finishes
  • Vinyl plank flooring
  • Ceiling fans
  • Granite countertops
  • Energy star appliances
  • In-unit washer and dryer
  • Walk-in closets
  • Air conditioning
  • Heating
  • Ceiling fans
  • Tub/shower
  • Balcony or patio

Exclusively listed by

Michael Furrow

SVP, Investment Sales