CORPUS CHRISTI - Secondary markets in Texas are becoming positive targets for multifamily property investors, which was recently proved by the closing of two different properties in separate transactions.
The 169-unit Bay Vista Apartments, located at 522 Hancock Ave., traded at a price range between $16 million and $18 million. It was sold by Bay Vista Apartments I LP to Sage Properties Corp. The complex features one- and two-bedroom units with rents ranging from $965 to $2,115.
The 128-unit Avenue, located at 2900 Nederland Ave. in Nederland, sold for between $10 million and $11 million to Avenue Apartment Investors LLC, with Nederland Avenue Apartments Ltd being the seller.
Both assets were stable from a leasing standpoint and are of Class A quality, having been constructed within the last five years.
Read more at Globe St.
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