Contacts
Ryan Quaid
GREA
Sean Scott
GREA
Zack Del Medico
GREA
Property Details
- Property Type Other
- Property Size 48,000 SF
- Units 24
- Additional Rent Contact for pricing
- Year Built 1982
- Date Updated Nov 4, 2024
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.
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Highlights
- $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.
Attachments
Getting around
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45/100
Walk Score ®
-
35/100
Bike Score ®
Location
- City Midland, TX
- Neighborhood Kelview Heights-Berkshire
- Zip Code 79705
- Market Midland Odessa
Points of Interest
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7-Eleven
0.31 miles
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Jack's Gas Station
0.86 miles
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Stripes Gas Station
1.30 miles
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Alon
1.56 miles
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Sunoco
1.63 miles
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H-E-B Fuel
1.99 miles
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Amigo's Gas Station
2.01 miles
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Kent Kwik
2.49 miles
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Tesla Supercharger
5.79 miles
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LHS Parking
2.21 miles
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HEB Parking Lot
4.03 miles
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Home2 Suites
1.34 miles
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Fairfield Inn & Suites Midland
1.87 miles
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DoubleTree by Hilton Hotel Midland Plaza
1.87 miles
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Quality Inn & Suites
1.89 miles
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Wyndham Garden Midland
2.51 miles
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Microtel Inn & Suites by Wyndham Midland
3.26 miles
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Candlewood Suites
3.27 miles
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Super 8 Midland
3.28 miles
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Country Inn & Suites
3.35 miles
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Days Inn by Wyndham Midland
3.37 miles
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Holt Ranch Plaza
0.78 miles
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Albertsons
1.72 miles
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H-E-B
1.99 miles
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TJ Maxx
2.05 miles
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Dillard's
2.30 miles
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Ross
2.31 miles
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Midland Park Mall
2.42 miles
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Market Street
2.45 miles
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Kingsway Mall
2.54 miles
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JCPenney
2.56 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.