GALVESTON - The Island Bay Resorts, a 284-unit, Class B community located at 7400 Jones Dr., has been purchased.
The 39-year-old community is 69 percent occupied with average rents at $0.97 per sf. The community features one- and two-bedroom floor plans ranging in size from 300 sf to 1,030 sf.
Property amenities include laundry rooms, playground and swimming pools.
Blue Valley Apartments Inc. sold the property to 2014 Galveston Jones Drive LLC.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.