This is a pretty big deal. I have no interest in this. I am simply providing the information.
Bakken Residence Suites is up for sale. The owner is selling in order to concentrate on other property in the Bakken.
This property is located near Watford City, probably the most active area in the Bakken right now and literally in the sweets spots of the Bakken.
ONEOK has just announced that it will be building Garden Creek III in the Watford City area. My hunch is that the decision to sell this property was made before it was known that ONEOK would be building yet another natural gas processing plant in the area. It should also be noted that a huge North Dakota highway spending bill has been passed and most of the spending will be done in the oil patch.
The sale will be by auction. The auction is being held on July 17th. The auctioneer's website and phone number are www.Bakken.SheldonGood.com and 800-962-0930.
According to the owner:
The auction presents investors with the opportunity to acquire a high-end stabilized employee housing facility and future development land in the heart of the Bakken. The property generates substantial income, $2,453,957 NOI (2012) and $2,617,992 projected NOI (2013).
In addition to the revenue generated by Bakken Residence Suites, the auction provides an opportunity to acquire two different parcels. The first parcel is a total of 30+ acres, which includes: the employee housing facility on approximately 15-acres, a 5-acre commercial development site with highway 85 frontage and a 10.9-acre development site for additional employee housing. Parcel two is an additional contiguous 44-acres that will be available to the winning bidder for $968,000 ($22,000 per acre).
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