Press Releases

Related acquires 3,000-unit apartment portfolio in Midland and Odessa, Texas, capitalizing on opportunity to deliver institutional-quality management and multi-family rentals

Related Companies today announced that the Related Real Estate Recovery Fund has acquired a portfolio of 21 multi-family apartment properties, including approximately 3,000 apartment units in Midland and Odessa, Texas. Related expects to improve the portfolio by implementing institutional-quality management practices and investing significant capital to upgrade the properties.

Justin Metz, managing principal of Related Fund Management, said, “Our Real Estate Recovery Fund has once again identified properties with enormous potential and ideal matches for our skill-set and fully integrated execution strategy. With the exception of the past five years, the Midland/Odessa region experienced an extremely limited amount of new construction and capital upgrade investment since mid-1980s, creating a gap in the marketplace. We seek to be a premier provider of institutional quality rental housing in the area to meet the growing demand. We will also continue to pursue multi-family rental properties in markets nationally that will benefit from job creation resulting from the recent surge of energy exploration and production.”

Related Fund Management is a Registered Investment Adviser staffed by seasoned professionals and currently manages approximately $3 billion of capital on behalf of sovereign wealth funds, pension plans, multi-managers, endowments and family offices across three areas: distressed real estate opportunities, origination and acquisition of debt and multi-family housing opportunities.


About the Related Real Estate Recovery Fund:
The Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments – exceeding its $750 million target. It was among the largest U.S. real estate vehicles raised in 2012. Fund investments include diverse properties across the real estate spectrum such as: 100 Arlington Street and Lovejoy Wharf in Boston; 111 West Wacker Drive in Chicago; 511-541 West 25th Street, 225 Rector Place and One Madison Park in New York City; and several portfolios of properties.

About Related:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and boasts a team of approximately 2,500 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s west side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices. For more information about Related Companies, please visit