Description:
INVESTMENT HIGHLIGHTS: OPEN HOUSE - TUESDAY, JUNE 30TH, 2026 - 11:00 AM THRU 1:00 PM C.S.T. & WEDNESDAY, JULY 8TH, 2026 - 11:00 AM THRU 1:00 PM C.S.T.
1) Houston Income Properties, Inc., KET Enterprises Incorporated and REALINSIGHT MARKETPLACE are pleased to present Ashford Odessa Square Apartments, a 108-unit garden-style workforce housing community in Odessa, Texas. The asset comprises ten apartment buildings and three separate mini-storage buildings (101 units) situated on 4.4 acres near Interstate 20 in the Permian Basin. Current occupancy stands at 95% with an average rent of $980 per unit and stabilized NOI of $839,365. The property has undergone approximately $1.6 million in capital improvements over the past 24 months, including exterior enhancements and interior upgrades such as new appliances, HVAC systems, granite countertops, and flooring—with 50% of units now commanding a $50 rent premium. All units feature individual HVAC systems and electric hot water heaters. The included 101-unit mini-storage facility, currently leasing only 21 units, represents significant upside for new ownership to enhance occupancy and revenue. Positioned in a high-growth market with 12.1% average annual rent appreciation and minimal new competitive supply, the property benefits from Odessa's role as the leading oil and gas employment center and emerging industrial hub.
2) Property Highlights - Ashford Odessa Square Apartments is located in Odessa Texas, the heart of the Permian Basin, the largest oil and gas producing area of the Nation and 4th largest in the world. The property received repairs/upgrades in the last 24+ months in the amount of approximately $15,400/unit, which includes approx. $790K in exterior repairs/improvements, and $862K in interior improvements. The interior improvements include some of the following and varies per unit; Flooring, New Appliances, HVAC's, Granite Countertops, Carpet, Cabinet Doors, Blinds and Upgraded Fixtures - varies by unit. All units have individual HVAC's, of which approx. 50% have been replaced in the last few years, and individual Hot water Heaters, of which approx. 33% have been replaced in the last few years. In addition, many of the appliances have also been replaced. There seems to be upside with continued exterior and interior upgrades, strong management, and with stabilization of the income.
3) Home Features - Residents enjoy cable ready units, Private Dining Rooms, Individual Controlled A/C, White Appliances, All electric Kitchens, Faux Wood Floors, Individual Electric Hot Water Heaters, Capet and Tile Flooring, Shower / Bath Combination, Double Stainless Steel Sinks, Disposals, Two Tone Paint, Ceiling Fans and Mini Blinds (Interior appointments may vary in each unit).
4) Upside - The property includes a 3 building, 101 unit storage facility. Current management has leased approx. 21 units, leaving upside to a new owner. Continued improvements to the facility and a little more focus on renting and caring for the storage units should bring a much higher occupancy and income flow than is currently being produced from the storage facility.