Vera in Odessa

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 Vera in Odessa (288 units), a brand new Class A luxury affordable property in Odessa, Texas.

Vera  provides top-of-the-line amenities, including granite countertops, resort-style swimming pool, putting green, outdoor grill, upscale gym, hair salon, and many others. Vera in Odessa was completed in October 2022 and is currently 99% occupied.

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. Vera in Odessa has a 100% real estate tax exemption via the Texas Chapter 394 Housing Finance Corporation (HFC) structure where the land is owned by the Odessa Housing Finance Corporation and the improvements are leased back to the Partnership. The in-place HUD loan removes interest rate risk providing a super attractive rate of 2.75% on Vera in Odessa. This is a unique opportunity to acquire the controlling interest in an affordable property with extremely attractive in-place investment fundamentals.

License No. 701472