Woodford Mockingbird Apartments
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Midland, TX

Residential - Apartments

Due Diligence and Development Oversight

    Our Role

    RPL provided due diligence and development oversight services on behalf of an institutional equity partner.

    Unique Approach

    • Located in a unique market (Midland, TX) where resources and qualified trades are hard to come by, especially given competing oil field jobs that tend to pull away tradesmen.
    • Established a schedule that allowed for trades to remain on site for extended periods of time (i.e. having 4 slabs poured and ready for the framer before allowing the framer to start, then having 4 more slabs ready but not letting them start on them until 3 of the previous 4 had roofs on them first)
    • Established a staging and material storing lot to acquire as much material for the project as possible early so that the project was not waiting on materials to arrive.

    Outcomes

    • Delivered 2 months ahead of initial schedule.
    • Delivered $2 million under initial budget.

    Scope of Work

    Development of a Class A garden style apartment community including a luxury clubhouse with outdoor pool and large amenity deck.

    Project Summary

    • Client: One of the largest institutional private equity investment firms
    • Location: Midland, TX
    • Size: 362 units, 3 floors, 16 buildings, 317,600 SF, 17 acres
    • Timeline: 2017 to 2020
    • Services: Due Diligence and Development Oversight
    • Cost $50 Million
    • Architect: Humphreys & Partners Architects
    • Contractor: Stonehawk Woodford General Contractors
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