CORPUS CHRISTI - The 350-unit Baypoint Resort Apartments on Oso Bay has been purchased by Sendera Investment Group. The 29-acre property at 1802 Ennis Joslin Rd. includes 1,800 feet of shoreline. Sendera plans to make $2.8 million in upgrades to the acquisition.
The property’s previous owner was Apartment REIT Bay Point Resort LLC. The property is appraised at $25.8 million, according to Nueces County Appraisal District.
Corpus Christi is one of the strongest markets in the south with an apartment occupancy rate of 96.9 percent, second only to Miami with 97.1 percent occupancy, according to trade publication Property Management Insider.
The publication also shows that rental rates have climbed for nine consecutive quarters.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.