The Bakken Archives - Energy Real Estate Solutions, LLC

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ERES Managed Property Receives 2018 Best of Williston Award

By | ERES News, The Bakken | No Comments

The Confluence at Harvest Hills honored as Best Apartment Building in Williston, ND

 

williston

The Confluence at Harvest Hills

WILLISTON, ND — December 28, 2018 — Energy Real Estate Solutions (ERES), a full-service commercial real estate firm providing brokerage, development, property management, construction management, and consulting services to North and South American energy markets, announced today its managed property The Confluence at Harvest Hills was selected for the 2018 Best of Williston Award in the Apartment Building category by the Williston Awards Program.

Each year, the Williston Award Program identifies companies that have achieved exceptional marketing success in their local community and business category. Various sources and criteria are gathered and analyzed to choose the winners in each category, paying close attention to customer service and community involvement. Winners are determined based on the information gathered both internally by the Williston Award Program and data provided by third parties.

“I’m so honored that The Confluence at Harvest Hills has been recognized as the best apartment community in Williston,” said ERES Regional Property Manager Cheri Fox. “At ERES our property management goal is to exceed the expectations of both our property owners and tenants. I, and our entire property management team, work so hard day-in and day-out to reach that goal…and this award is proof it’s working!”

Fox, who has over 22 years of property management experience, has managed The Confluence at Harvest Hills since 2014 continually ensuring top-notch customer service standards and tenant satisfaction. She currently oversees approximately 1,150 multifamily unitns in the Williston, ND area and has served a variety of clients from mid-range to high-end properties. In addition, Fox has served on the Board of the Bakken Apartment Association for two years, last year as Vice President.

To learn more about The Confluence at Harvest Hills, visit www.confluenceapartments.com.

To learn more about ERES property management solutions, visit www.energyreco.com/property-facilities-management.

ABOUT WILLISTON AWARD PROGRAM

The Williston Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Williston, ND area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value. The Williston Award Program was established to recognize the best of local businesses in our community. The organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Their mission is to recognize the small business community’s contributions to the U.S. economy.

ABOUT ERES

Energy Real Estate Solutions (ERES), a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios, provides brokerage, project management, property and asset management, development, workforce housing, and consulting services in and around the world’s most active energy sites. The firm operates out of five offices located in Denver, CO (HQ), Williston, ND, and Fort Worth, Houston, and Midland, TX. For more information, visit www.energyreco.com.

 

BlogHeader_Shale Play Market Intel

Energy Market Construction Costs Update | Q3 2018

By | The Bakken, The Delaware, The Permian | No Comments

Bakken, Delaware, Permian Basins | Construction Costs

construction costs

As U.S. crude oil production continues to increase, construction costs across key shale plays have risen alongside it. This is nothing new, as construction costs in energy markets have always been more expensive than the U.S. average. Why? Building in secondary and tertiary markets comes with its own set of limitations, and they are the same no matter the shale play – labor shortages, low workforce housing, high material costs and limited equipment transportation.

Below find a current boots-on-ground snapshot of commercial real estate construction costs in the Bakken, Delaware and Permian Basins to help provide realistic expenditures for your next development.

  • The Bakken: The oil rich Bakken, which includes main hubs Williston and Watford City, ND, has current construction costs at around $100 per square foot for full industrial builds. The market has seen little to no development over the past year across all asset types, which has contributed to a strong labor force that can handle workload. With 2% vacancy we expect this trend to discontinue, as illustrated by a recent increase in permitting. The next 12 months should once again bring several construction projects coming to core markets which will see an increase in costs.
  • Delaware Basin: In West Texas’ Delaware Basin construction costs are dramatically increasing month-over-month, reaching as high as 30-40% average increase per quarter. In the Pecos, TX area current market costs sit around $175 – $250 per square foot and are expected to increase over the next 12 months. The basin is in the midst of a construction boom across all product types, but primarily in steel industrial assets. The good news is that the basin is addressing its labor availability and housing problem, as we are now seeing workers arriving from nearby Carlsbad, NM and El Paso, TX, as well as an uptick in workforce housing construction.
  • Permian Basin: Further along in its real estate development life cycle than other shale plays, construction in the Permian is mostly limited to high-rises and tenant improvement projects. In the Midland, TX market area costs have been consistently increasing month-over-month and currently hover around $50 – $60 per square foot for TI, $85 – $100 per square foot for steel industrial assets, and $150 – $175 per square foot for full build-outs.

Seeking construction insight for your shale play real estate project? Click HERE for entrenched, knowledgeable support and services.

BlogHeader_Call For Offers

ERES Announces Call For Offers on High-Return Bakken Multifamily Investment

By | Real Estate News, The Bakken | No Comments

Pheasant Run Apartments is located in the Bakken economic hub of Williston, ND and is comprised of 48-units on 1.9 AC

multifamily investment

 

WILLISTON, ND — September 25, 2018 — Energy Real Estate Solutions (ERES), a full-service real estate firm focused on providing brokerage, development, property management, construction management, and consulting services to North American energy markets, announces a call for offers on a 48-unit high-return Bakken multifamily investment.

Pheasant Run Apartments is an exclusive investment opportunity ideally located in Williston, ND, the economic hub of Bakken oil activity and an area currently experiencing increased housing demand.

bakken investment property

Positioned amidst Williston’s recent transportation improvement projects and near the new Williston High School, the smoke-free apartment complex boasts a desirable and accessible location. It offers easy access to area retail, dining, highways and Sloulin Field International Airport.

The property consists of two, three-story, 24-unit garden level apartment buildings on 1.9 acres. The units provide a variety of floorplans and are ideal for energy industry workers and their families.

Unit Breakdown:

  • Studio/One bath | Three units
  • One bed/One bath | Nine units
  • Two bed/One bath | 36 units

OFFER DEADLINE
Tuesday, October 16th at 5:00 p.m. MST

DUE DILIGENCE DOCUMENTS
Offering memorandum is available upon request with signed Confidentiality Agreement.

INVESTMENT HIGHLIGHTS

  • BAKKEN OIL PRODUCTION ACTIVITY: 2018 oil prices have been increasing, prompting Bakken oil production activity to reach historic levels. In April, production reached a new record of 1.223 million barrels per day, beating out the previous record set in December 2014 at the height of the oil boom. The first six months brought an average monthly WTI price of $65.46 per barrel. This also beats a 2014 record, which was the last time the monthly average price was above $60 per barrel.
  • CONSTRAINED HOUSING SUPPLY: Due to the resurgence of Bakken oil production activity, Western North Dakota energy markets are experiencing a rapid influx of service workers which is increasing area housing demand. With this demand inching toward outweighing supply, the Badlands II multifamily portfolio is well-positioned as an investment with high-return potential.
  • STABILIZATION UPSWING: The demand for Bakken oil in the global market is not disappearing anytime soon, keeping North Dakota shale play markets on an upward economic trajectory. We are seeing Bakken multifamily vacancy rates shrink to 7% (and dropping) as rental rates increase 28%-32%. With this stabilization upswing, multifamily investors now have a strong opportunity for future returns.

PROPERTY CONTACTS
Melinda O’Brien
Transaction Manager
720.403.8427
melinda.obrien@energyreco.com

Mike Elliott
Managing Broker
701.713.6606
mike.elliott@energyreco.com

ABOUT ERES
Energy Real Estate Solutions (ERES), a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios, provides brokerage, project management, property and asset management, development, workforce housing, and consulting services in and around the world’s most active energy sites. For more information, visit www.energyreco.com.

 

BlogHeader_News_2017

ERES Founder & Managing Principal Discusses Bakken Commercial Real Estate Upswing

By | Real Estate News, The Bakken | No Comments

ERES Founder & Managing Principal Mike Elliott was featured today in the Williston Herald providing his boots-on-the-ground insight into the continued upticks in Bakken commercial real estate activity.

Apartment Units Almost Full Again

Commercial real estate market in Williston is poised to take off again

Vacancy rates went up quite a bit during the downturn, stoking fears that the multifamily sector had overbuilt for the long-term need in the Williston region. However, with crude oil prices in the $60 range, Williston apartments have filled up fast.

“Lots of people have gotten hired,” said Mike Elliott, founder and managing principal of Energy Real Estate Solutions. “We manage about 4,000 multifamily units in the (Bakken) market, and I think our average for our portfolio is 92 percent occupancy. A year ago, or even two, you were definitely in double digits as far as vacancies go, and some (multifamily) had really big vacancies.”

bakken commerical

 

BlogHeader_Call For Offers

ERES Announces Call For Offers on Exclusive Bakken Multifamily Investment Portfolio

By | Real Estate News, The Bakken | No Comments

The Badlands II portfolio contains four apartment properties totaling 14 buildings and 504 units located in Dickinson, Minot, Tioga and Watford City, ND

multifamily investment

 

WESTERN NORTH DAKOTA  — August 13, 2018 — Energy Real Estate Solutions (ERES), a full-service real estate firm focused on providing brokerage, development, property management, construction management, and consulting services to North American energy markets, announces a call for offers on a premier, high-return Bakken multifamily investment portfolio.

The Badlands II multifamily portfolio is an exclusive investment opportunity featuring four high-end, quality-built apartment communities ideally located in western North Dakota in the heart of Bakken oil activity, a market experiencing increased housing demand.

bakken investment property

The portfolio is only five years old and contains 14 buildings with 504 spacious apartment units and 561 detached garage units. The portfolio was employee housing, however the units have all been opened to the public. Unit layouts and garage types vary per property, but contain the following:

  • One bed/One bath
  • Two bed/Two bath
  • Three bed/Two bath
  • One-car garage
  • Two-car garage

Each property is well-located in its respective market near to area shopping, dining, schools, parks, airports, hospitals and highways. These high-end properties offer numerous amenities and are poised to offer a high investor return. The investment offering can be sold as a full portfolio or per property.

OFFER DEADLINE
Monday, September 10th at 5:00 p.m. MST

DUE DILIGENCE DOCUMENTS
Offering memorandum is available upon request with signed Confidentiality Agreement.

INVESTMENT HIGHLIGHTS

  • BAKKEN OIL PRODUCTION ACTIVITY: 2018 oil prices have been increasing, prompting Bakken oil production activity to reach historic levels. In April, production reached a new record of 1.223 million barrels per day, beating out the previous record set in December 2014 at the height of the oil boom. The first six months brought an average monthly WTI price of $65.46 per barrel. This also beats a 2014 record, which was the last time the monthly average price was above $60 per barrel.
  • CONSTRAINED HOUSING SUPPLY: Due to the resurgence of Bakken oil production activity, Western North Dakota energy markets are experiencing a rapid influx of service workers which is increasing area housing demand. With this demand inching toward outweighing supply, the Badlands II multifamily portfolio is well-positioned as an investment with high-return potential.
  • STABILIZATION UPSWING: The demand for Bakken oil in the global market is not disappearing anytime soon, keeping North Dakota shale play markets on an upward economic trajectory. We are seeing Bakken multifamily vacancy rates shrink to 7% (and dropping) as rental rates increase 28%-32%. With this stabilization upswing, multifamily investors now have a strong opportunity for future returns.

PROPERTY CONTACTS
Melinda O’Brien
Transaction Manager
720.403.8427
melinda.obrien@energyreco.com

Mike Elliott
Managing Broker
701.713.6606
mike.elliott@energyreco.com

ABOUT ERES
Energy Real Estate Solutions (ERES), a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios, provides brokerage, project management, property and asset management, development, workforce housing, and consulting services in and around the world’s most active energy sites. For more information, visit www.energyreco.com.

 

BlogHeader_Call For Offers

ERES Announces Call For Offers on High-Return Bakken Investment Property

By | Real Estate News, The Bakken | No Comments

Long X Mobile Home Park contains 82-units on 17.81 AC and is ideally located in Watford City, ND, a Bakken economic hub

 

bakken investment property

WATFORD CITY, ND  — August 8, 2018 — Energy Real Estate Solutions (ERES), a full-service real estate firm focused on providing brokerage, development, property management, construction management, and consulting services to North American energy markets, announces a call for offers on a premier, high-return Bakken investment property.

Long X Mobile Home Park located in Watford City, ND, consists of 82 quality mobile home units and is situated on 17.81 AC. The in-demand property offers an incredible investment opportunity due to its location in a major Bakken oil and gas hub, an area currently experiencing rapid economic growth and high workforce housing needs.

bakken investment property

OFFER DEADLINE
Tuesday, August 28th at 5:00 p.m. MST

DUE DILIGENCE DOCUMENTS
Offering memorandum is available upon request with signed Confidentiality Agreement (download HERE) sent to Melinda O’Brien at melinda.obrien@energyreco.com

INVESTMENT HIGHLIGHTS

  • CONSTRAINED HOUSING SUPPLY: Due to the resurgence of Bakken oil production activity, Watford City is experiencing a rapid influx of oilfield service workers which has created a significant shortage of affordable housing. With current demand high, and projected to increase, Long X Mobile Home Park is well-positioned as an investment with high-return potential.
  • OIL PRODUCTION CAPITAL OF NORTH DAKOTA: McKenzie County is the largest oil producing county in North Dakota, making it a main Bakken economic hub. Within 30 miles of Watford City there are well over 4,800 oil wells. This is the largest number of wells of any North Dakota city over 5,000 people.
  • ROBUST DEMOGRAPHICS: Watford City (McKenzie County) is undoubtedly an economy on the rise. As of May 2018, the unemployment rate sits at only 1.5%, 0.7% decrease from the previous year. As of July 2018, apartment occupancy sits at 95.4%, a 14.9% increase from the previous year. And finally, taxable sales and purchases in 2018Q1 increased an incredible 28.89% from the previous year. Outlooks for continued market economic growth remain bullish as oil pricing continues to increase.

PROPERTY CONTACTS
Melinda O’Brien
Transaction Manager
720.403.8427
melinda.obrien@energyreco.com

Mike Elliott
Managing Broker
701.713.6606
mike.elliott@energyreco.com

ABOUT ERES
Energy Real Estate Solutions (ERES), a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios, provides brokerage, project management, property and asset management, development, workforce housing, and consulting services in and around the world’s most active energy sites. For more information, visit www.energyreco.com.

minot commercial real estate

Minot Commercial Real Estate Gut-check

By | Real Estate News, The Bakken | No Comments

 

Minot commercial real estate activity steady as more activity shifts west

minot commercial real estateERES Founder & Managing Principal Mike Elliott provides his boots-on-the-ground insight into the Minot commercial real estate market, including where to find the current opportunities that produce high returns (with less risk). 

“The investors are coming to the market because they see potential for buying low and, hopefully, selling high,” said Mike Elliott, Managing Principal with Energy Real Estate Solutions, headquartered in Denver with an office in Williston. “The returns in this part of the world are much higher than most of the country.”

CLICK HERE to view the entire article from the Minot Daily News.

CLICK HERE to view current active commercial real estate listings in the Minot, ND market.