Springs at Corpus Christi features private entrances and amenities including a swimming pool, fitness center, dog park and complimentary car care area. The community has 17 different studio, one-, two-, and three-bedroom floor plans, with an average unit size of 973 square feet. In addition, 20 concierge units offer stainless steel appliances, granite countertops and crown molding.

The multifamily property is situated near Saratoga Boulevard and South Padre Island Drive, two of Corpus Christi's major thoroughfares, with convenient access to the Central Business District, Interstates 37, 35 and 10, and the Corpus Christi International Airport. The Corpus Christi Medical City-Bay Area, a full-service acute care hospital, and the Christus Spohn Regional Health System Campus are located minutes from Springs at Corpus Christi.

“The city has great investment fundamentals, with the sixth-largest port in the US, a major army and naval station, and a thriving tourism industry,” noted Castle Lanterra Properties managing director, Austin Alexander. “Rents increased an average of 4.5% last year and the city added 40,000 new residents over the past six years. That represents strong stability and growth potential in the region.”

Nearby employers include Asset Protection & Security Services, Columbia Hospital, Driscoll Children's Hospital and Susser Holdings Corporation. Corpus Christi is also home to Texas A&M University-Corpus Christi and Del Mar College, both of which are just seven miles from the community.

“This was our second acquisition in Corpus Christi. Over the summer, we acquired San Marin, a 220-unit property less than 2 minutes from Springs,” Rieder tells GlobeSt.com. “So from the perspective of an existing owner, we already knew the strength of this market and the growing demand for high-quality rental product. We feel that our existing presence and in-depth market knowledge will allow for economies of scale and increased control over submarket rents.”

As previously reported, Castle Lanterra Properties acquired San Marin in Corpus Christi in July. The 220-unit apartment community was the company's first acquisition in Texas outside of the Austin market, where it owns four properties totaling 1,627 apartment units. In total, Castle Lanterra Properties now owns and operates 2,131 units in the state.

CORPUS CHRISTI, TX—Whereas other parts of the gulf region have been affected by the oil downturn, Corpus Christi has enough of a diverse trade economy to weather those storms. And, in the process, it continues to attract investors who keep coming back for more.

The 284-unit Springs at Corpus Christi has just been acquired by Castle Lanterra Properties as the firm's second acquisition in the city and the sixth in the state. Springs at Corpus Christi represents an expansion of Castle Lanterra's traditional strategy to upgrade and reposition underperforming properties.

“Corpus Christi has long been regarded as a sleepy coastal city driven primarily by tourism. While tourism still attracts nearly 10 million visitors per year, supports 28,000 local jobs and has an estimated $1.3 billion impact in the local economy, Corpus Christi has quickly emerged as a major economic and trade destination,” Elie Rieder, CEO of Castle Lanterra Properties tells GlobeSt.com. “The drop in crude oil prices have not dented oil-related traffic in Corpus Christi. As domestic production has taken off, so has volume at the port. Chemical companies and other energy-intensive business seeking access to cheap domestic supplies are building new facilities near the port, with some $30 billion in construction projects underway. We were also drawn to Corpus Christi for its diverse local economy. In addition to trade and transportation, there's obviously tourism and hospitality, but also a healthy mix of healthcare, education and government.”

The class-A asset was constructed in 2014 and has stabilized occupancy. It is located at 5702 Timbergate Dr. in the city's prominent South Side region. The property's location boasts strong demographics and vital demand drivers, including a myriad of local and national retailers, restaurants and services.

Springs at Corpus Christi features private entrances and amenities including a swimming pool, fitness center, dog park and complimentary car care area. The community has 17 different studio, one-, two-, and three-bedroom floor plans, with an average unit size of 973 square feet. In addition, 20 concierge units offer stainless steel appliances, granite countertops and crown molding.

The multifamily property is situated near Saratoga Boulevard and South Padre Island Drive, two of Corpus Christi's major thoroughfares, with convenient access to the Central Business District, Interstates 37, 35 and 10, and the Corpus Christi International Airport. The Corpus Christi Medical City-Bay Area, a full-service acute care hospital, and the Christus Spohn Regional Health System Campus are located minutes from Springs at Corpus Christi.

“The city has great investment fundamentals, with the sixth-largest port in the US, a major army and naval station, and a thriving tourism industry,” noted Castle Lanterra Properties managing director, Austin Alexander. “Rents increased an average of 4.5% last year and the city added 40,000 new residents over the past six years. That represents strong stability and growth potential in the region.”

Nearby employers include Asset Protection & Security Services, Columbia Hospital, Driscoll Children's Hospital and Susser Holdings Corporation. Corpus Christi is also home to Texas A&M University-Corpus Christi and Del Mar College, both of which are just seven miles from the community.

“This was our second acquisition in Corpus Christi. Over the summer, we acquired San Marin, a 220-unit property less than 2 minutes from Springs,” Rieder tells GlobeSt.com. “So from the perspective of an existing owner, we already knew the strength of this market and the growing demand for high-quality rental product. We feel that our existing presence and in-depth market knowledge will allow for economies of scale and increased control over submarket rents.”

As previously reported, Castle Lanterra Properties acquired San Marin in Corpus Christi in July. The 220-unit apartment community was the company's first acquisition in Texas outside of the Austin market, where it owns four properties totaling 1,627 apartment units. In total, Castle Lanterra Properties now owns and operates 2,131 units in the state.