Regency Apartments

Midland, TX

Info For Buyers

Overview

Summary

Price Market
Address 721 W Dengar Ave, Midland, TX 79705
# Units 24
Rentable SF 48,000 SF
Year Built 1982

Regency Apartments is a 24-unit, market-rate multifamily community located in the city of Midland, TX. The property was built in 1982 and is comprised of two, two-story brick buildings with flat roofs. The townhouse-style units feature two-bedroom floor plans with an area of over 2,000 square feet each. Interior amenities include fully equipped kitchens, individual air conditioning and heat, vaulted ceilings, skylights, a fireplace, and washer and dryer connections. The apartment buildings are situated on a sizeable corner lot, and the common areas feature a swimming pool, courtyard, and assigned covered parking. Residents enjoy the property’s centralized location close to Midland College, within walking distance of shops and restaurants.

Key Facts

$400+ Rent Upside - Current rents average $1,600. Management is pushing $150 on renewals and comps support rents at $2,000. The property rented $2,200+ pre covid. Additionally, there is upside for renting washers and dryers to the tenants for $45/month.

35-Year Owned Asset - Regency has been well maintained over the course of ownership and has clear upside. The pitched roofs were replaced last June.

Robust Market - Midland has the lowest unemployment in the state at 2.6% and is the fastest growing job market in the state at 4.6%. Year-over-year rent growth is 9.1%.

Affluent Neighborhood - Homes in the Bartman Square sell for ~$500,000, with homes on the market for $750,000 currently. This is one of the most desired neighborhoods in the city, and Regency is right in it. Please reference the rent comps in the OM, where you will see three townhomes built in the '80's renting for $3,100-$4,000.

Irreplaceable Location - Median Household Income in a one-mile radius is $83,677. Windlands park is within walking distance as well as Downtown Midland and a slew of shopping, eating, and entertainment options.