The impressive $27.5 million transaction includes six quality apartment communities totaling 354 units in Stanley, Tioga and Williston, ND
WILLISTON, ND — January 7, 2019 — Energy Real Estate Solutions (ERES), a full-service real estate firm providing brokerage, investment, development, property management, construction management, and consulting services to North and South American energy and opportunistic markets, announced today the successfully completed sale of a six-property multifamily portfolio situated in the heart of Bakken oil and gas activity. Per Costar, which only provides data on reported transactions, the sale marked 2019’s largest multifamily closing in western North Dakota.
Located in Stanley, Tioga and Williston, ND the transaction, totaling 354 units, 17 buildings, 395,336 rentable square feet and 19.83 acres, closed on December 31, 2019 for $27.5 million (or $77,683.62 per unit) in contract value. ERES CEO Mike Elliott served as the sole Broker on the sale which includes the following attractive western North Dakota rental properties:
- Westridge Apartments, located at 3001 Harvest Hills Ave, Williston, ND 58801, is comprised of 96 units, four buildings, 123,360 rentable square feet and 7.22 acres.
- Roosevelt West Apartments, located at 215 E 32nd St, Williston, ND 58801, is comprised of 94 units, two buildings, 99,548 rentable square feet and 5.03 acres.
- Eagle Point Apartments, located at 2209 27th Ave W, Williston, ND 58801, is comprised of 24 units, one building, 25,456 rentable square feet and 0.66 acres.
- Williston Meadows, located at 2301 25th St W, Williston, ND 58801, is comprised of 24 units, one building, 26,448 rentable square feet and 1.43 acres.
- Dakota Apartments, located at 25 7th Ave SW, Stanley, ND 5878, is comprised of 32 units, two buildings, 35,264 rentable square feet and 2.09 acres.
- Olson Apartments, located at 213 7th St SW, Tioga, ND 58852, is comprised of 84 units, seven buildings, 85,260 rentable square feet and 3.4 acres.
This notable closing brings ERES’ 2019 multifamily contract value to an incredible $74.96 million. Including all asset types, the firm closed a total of $185 million in contract value for 2019.
“Being 2019’s largest multifamily deal in western North Dakota is solid proof that private equity and institutional capital have a renewed focus on energy real estate investments,” says ERES CEO Mike Elliott. “Energy markets, particularly those located in the Bakken, are so exciting due to the incredible opportunities that exist here. Continually increasing oil production activity, a growing workforce and strong economic fundamentals have ensured that investing in these markets is a smart bet for continued returns.”
In addition to brokering the sale of the multifamily portfolio, upon closing ERES property management assumed full management and leasing responsibility for the six dynamic apartment communities. This brings the firm’s Bakken property management portfolio to over 5,000 total units.
Energy Real Estate Solutions (ERES) is a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios. ERES provides brokerage, investment, development, project management, property and asset management, workforce housing, and consulting services in and around the world’s most active energy and opportunistic markets. The firm currently operates out of seven offices located in Denver, CO (Headquarters), Fort Worth, TX, Houston, TX, Midland, TX, New York, NY, Williston, ND, and Neuquén, Argentina. For more information, visit www.energyreco.com.
Julia DuVal Ziegler
Director of Marketing