|Number of units||108|
Jones Lang LaSalle Americas. Inc. or its state licensed affiliate has been exclusively retained to offer an opportunity for qualified investors to purchase the fee simple interest in Wall Street Lofts (the “Property”) in Midland, TX. Situated in the heart of the Permian Basin, the leading U.S. energy producing region, Wall Street Lofts is the premier asset in Midland as it is the only Class A property located in the Midland CBD providing residents with immediate access to an abundance of neighboring employment, retail, and restaurants. Completed in 2015, the Property consists of 108 units and offers upscale unit interiors and community amenities in addition to 5,203 square feet of ground floor retail.
Trophy, One-of-a-Kind Asset – Potential buyers are presented with the rare opportunity to acquire a core, trophy asset below replacement cost. The property enjoys a true competitive advantage being the only midrise, wrap construction property within the Midland MSA, as well as the only luxury apartment community in the Midland CBD. Unique for the market, Wall Street Lofts is the premier apartment choice within the City and specifically for tenants who desire a walkable Downtown location.
Market Leading Asset with Astounding Growth – Given the uniqueness of the property and unmatched location, the Property has experienced incredible rental and income growth since being developed. Effective rents have increased from $1,244 per month in 2017 to $1,503 per month as of August 2021, representing a 21% increase of approximately $236. In addition, Net Operating Income has increased 27% during that same time.
Furthermore, effective rents increased 63% from 2017 to previous high in 2019 while NOI rose 128% during that same time.