200-Unit complex trades in Corpus Christi, Bastrop

CORPUS CHRISTI, BASTROP - 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.