2910-3002 17th Avenue W, Williston, ND 58801
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DEADLINE: Tuesday, October 16th at 5:00 p.m. MST
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- Two, three-story garden level apartment buildings on 1.9 AC
- 24 units in each building | 48 units total:
- Studio/One bath | Three units
- One bed/One bath | Nine units
- Two bed/One bath | 36 units
- Located three miles northeast of downtown Williston in close proximity to area schools, amenities, highways and the forthcoming Sloulin Field Redevelopment project
- Williston, ND Is considered the main Bakken oil and gas production hub, a market experiencing high housing demand
- 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.