Koontz Corporation Announces Sale of West Texas Apartments
Timing of Sale Takes Advantage of Robust Midland/Odessa Multi-Family Market
SAN ANTONIO—May X, 2018. San Antonio-based Koontz Corporation (Koontz) today announced the sale of two multi-family developments in West Texas to Ft. Worth-based Olympus Property.
“Our investments in the Midland-Odessa multi-family market have proven to be quite successful,” said Koontz Corporation President and CEO Bart Koontz. “The market there is very resilient and had little problem weathering the dip in oil prices experienced over the past few years. The recent return of oil prices to more normal levels has fueled increases in occupancy and rents, providing us an opportune time to divest.”
Located in Odessa, Sedona Ranch is a 268-unit Class A garden apartment community completed by Koontz in August 2015. The sale also included the 300-unit Sundance Creek property in Midland. This Class A garden-style community was completed in December 2015.
Koontz was represented in the transaction by Institutional Property Advisors, a division of Marcus & Millichap.
Koontz Corporation has developed several notable multi-family projects in the San Antonio area, including the CityVista San Antonio project, sold last year to Trinity University, and most recently, the exciting Lakeview Villas project in New Braunfels.
“This sale was a positive strategic move for our company,” said Koontz. “It’s always a little bittersweet to sell great assets like Sedona Ranch and Sundance Creek, but it’s extremely gratifying when a company the caliber of Olympus Property likes what you’ve built.”
About Koontz Corporation
Headquartered in San Antonio, Koontz Corporation is an award-winning industry leader in the development and construction of multi-family and commercial properties throughout the state of Texas. The company takes great pride in building projects of enduring quality and exceptional value for their clients, investors, buyers and tenants. For more information, visit http://koontzcorp.com.
About Olympus Property
Founded in 1992, Olympus Property is a fully integrated real estate investment firm based in Fort Worth, Texas. Over its 25-year history, the company has become a successful and recognized name in the multi-family industry. Olympus currently owns and manages more than 17,000 units across 10 states, including Texas, Florida, Oklahoma, Arizona, Tennessee, Georgia, New Mexico, Arkansas, California and Utah. For more information, visit http://olympusproperty.com.
Koontz Corporation Begins Construction and Leasing of Foster Ridge Distribution Center
Cross-Dock Facility Targets Expanding Industrial Demand
SAN ANTONIO May 1, 2018. San Antonio-based Koontz Corporation (Koontz) today announced its newest development, Foster Ridge Distribution Center, a 327,000 square-foot cross-dock industrial facility to be located near the intersection of Foster Road and IH10 E. The concrete tilt wall project will feature 32-foot clear heights with speed bays and optimized column spacing along with the latest ESFR fire safety system. With 75 dock high overhead doors, four ramps, ample trailer storage, and 130 foot truck courts on either side of the building, Foster Ridge is designed to accommodate a single large user or multiple smaller tenants. The pending expansion of Foster Road to four lanes will serve to further enhance the location’s ready access to IH10, IH35, IH 410, and SH130, providing convenient service to markets throughout Texas including San Antonio, Austin, Houston, and Laredo.
“San Antonio’s growing population combined with the rapid expansion of e-commerce businesses has created a significant demand for state-of-the-art distribution facilities like Foster Ridge,” said Koontz Corporation President and CEO, Bart Koontz. “With its strategic location, superior access, and modern design features, we feel Foster Ridge will present and attractive option for larger tenants looking to expand in our marketplace.”
The project, scheduled to break ground later this week, is the latest development in the burgeoning industrial sub-market on San Antonio’s northeast side. The 21 acre site is located just 1.2 miles north of the 871 acre site acquired by HEB last October and about a half mile from the new Dollar General Distribution Center. Completion is expected in the first quarter of 2019.
The development team, led by Koontz, includes architect Powers Brown of Houston along with civil engineers Pape Dawson and general contractor R.C. Page, both of San Antonio. Cavender and Hill has been selected to lead the project’s leasing. Project financing was arranged by Holiday Fenoglio Fowler, L.P. (HFF) in combination with Voya Financial, Inc. and Dallas-based Catlyn Capital Corp.
About Koontz Corporation
Headquartered in San Antonio, Koontz Corporation is a leader in the development and construction of residential and commercial properties throughout the state of Texas. Its extensive portfolio of successful projects includes numerous multi-family, office, medical office, industrial, and retail properties. The company takes great pride in building projects of enduring quality and exceptional value for their clients, investors, buyers and tenants. For more information, visit http://koontzcorp.com.