The Paddocks Apartments — Sale in Odessa, TX

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Odessa, TX 79761

Description

The Paddocks Apartments represents a rare opportunity to acquire a stabilized, renovated asset in Odessa, Texas, a city currently serving as the operational heartbeat of the Permian Basin—the #1 producer of oil and gas in the United States. As of early 2026, the Odessa economy continues to outperform national averages, bolstered by a regional GDP that has expanded consistently and a labor force that reached record highs in 2025. With major employers like Halliburton, Saulsbury Company, and the Ector County Independent School District providing a deep and diverse tenant base, the demand for mid-market, garden-style housing remains resilient. The Odessa apartment market has seen steady rent growth, with average monthly rents for one-bedroom units reaching approximately $1,147, offering a compelling yield spread for investors looking to capitalize on a market defined by high energy-sector wages and a 1.6%–2.5% annual job growth rate. Furthermore, this acquisition is structured as a lender-approved short sale, providing a rare entry point at a high-going-in cap rate and a projected yield that significantly outperforms current market averages. Investment Highlights: • Unique Short Sale Opportunity: Rare acquisition through a court-supervised bankruptcy sale, offering a streamlined path to purchase from ownership currently in liquidation. • High-Yield Potential: Attractive CAP rate with significant upside potential to improve the property through strategic interior upgrades and enhanced operational efficiencies. • Robust Rent Growth: Positioned to capitalize on strong rent growth within the dynamic Odessa market, driven by steady demand and the region's expanding energy and industrial sectors. • Pristine Condition: Turn-key asset with minimal deferred maintenance; the property is exceptionally clean and well-maintained, allowing for immediate cash flow with low initial CAPEX. • Competitive Basis: Offered at a highly attractive price per unit that sits well below recent c

Market Context

This multifamily in Odessa, TX is listed for sale. It has been on the market for 114 days. Compare it against other multifamily listings for sale in Odessa, TX — view the full market.

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