Dickinson, Minot and Tioga, ND
- INVESTMENT SALE: CALL FOR PRICING
- Three high-end North Dakota multifamily properties located in Dickinson, Minot, and Tioga
- Can be sold as portfolio or individually
- 8 buildings | 336units total:
- Raven Ridge | 3 buildings | 126 units
- Hunters Creek | 1 building | 42 units
- Timber Cove | 4 buildings | 168 units
- Raven Ridge comes with available land for additional units
- All properties feature one- and two-car detached garage units
- New construction, all properties are less than 6 years old
- BAKKEN OIL PRODUCTION ACTIVITY: 2018 Bakken oil production activity reached historic levels, and there is no sign of slowing. In September, North Dakota production reached a new record of 1.36 million barrels per day, a change of +5.2% from the prior month and +22.7% from one year ago. The average monthly WTI price for September 2018 was $66.76 per barrel, a change of +2.2% from the prior month and +45.1% from one year ago.
- 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.