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200-Unit complex trades in Corpus Christi, Bastrop200-Unit complex trades in Corpus Christi, Bastrophttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=76232013-04-22T08:42:00Z2013-04-21T00:00:00Z

CORPUS CHRISTI, BASTROPĀ - California-based Mount Auburn Capital Group LLC has purchased the Class A, 200-unit Gulf Breeze Apartments from Houston-based Apartment Advisors Inc. in its first Texas buy.

Gulf Breeze Apartments is at 6533 Patti Dr. and has one-, two- and three-bedroom units measuring between 899 sf and 1,229 sf. Monthly rents are between $925 and $1,260. Corpus Christi appealed because it's a tight apartment market, with competing properties topping out at 95 percent occupancy.

The acquisition also included the 200-unit Walnut Ridge Apartments at 1900 Walnut St. in Bastrop. The complex offers one-, two- and three-bedroom units, ranging in size from 723 sf to 1,229 sf. Rents are between $775 and $1,195 per month.

Both multifamily properties, built in the mid-2000s, fit Mount Auburn's acquisition strategy of finding product in growing, middle-American markets, according to Daniel Hsu, vice president with Mount Auburn Capital. Both assets are 97 percent occupied and will not have upgrades.

Read more at GlobeSt.

GlobeSt.com
Corpus Christi
Multifamily
http://www.globest.com/news/12_585/austin/multifamily/ca-buyer-adds-400-more-units-to-portfolio-332237.htmlRead more at {Source}

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