LOS ANGELES, Jan. 16, 2020 /PRNewswire/ -- Pacific Oak Capital Advisors, a national sponsor of value-add alternative investments, including tax-advantaged Delaware statutory trust offerings, announced today that its first DST offering, Meridian Apartment Homes, DST has been fully subscribed by 108 Section 1031 exchange investors. The DST offering raised approximately $28.3 million to acquire the 280-unit, garden-style multifamily community in Midland, Texas.
"Meridian Apartment Homes is an example of the high-quality properties we intend to offer at Pacific Oak," said Keith Hall, co-founder of Pacific Oak. "Located in the midst of the Permian Basin, Midland, Texas is a modern-day oil boomtown experiencing significant population growth and housing demand. As a result, Meridian Apartment Homes is one of the area's most popular multifamily rental communities, which enjoys high occupancy and attractive cash flow."
Building on the market rent growth of 25.5 percent that occurred between the second quarter 2017 and the second quarter 2018, according to CBRE, the nation's leading commercial real estate services firm, the community enjoyed the stability of 95.4 percent occupancy at the time of acquisition.
Located at 4400 North Holiday Hill Road, Meridian Apartments was built in 1983. Its one- and two-bedroom units range in size from 718 square feet to 1,073 square feet. Community amenities include a swimming pool, hot tub, business center with internet access, playground, clubhouse, laundry facility and fitness center. Each unit features a full Whirlpool appliance package, private patios or balconies and most units also have fireplaces.
About Pacific Oak Capital Advisors Pacific Oak Capital Advisors is an alternative investment asset management company that focuses on sponsoring and distributing financial products that provide quality investment opportunities to financial advisors, registered investment advisors, institutional investors and high net-worth clients.
Pacific Oak is driven by its mission to pursue opportunity through a broad range of real estate investments and to develop and manage these investment opportunities for the benefit of our clients, including our investors, joint venture partners, tenants, associates and communities. Our investment professionals are dedicated to matching capital with opportunities that produce above-market results and growth through real estate, private equity, and other alternative investment product offerings. Pacific Oak and its affiliated companies currently manage a portfolio of real estate valued in excess of $3.X billion.