CORPUS CHRISTI, TX-Making its second buy in the city in less than two months, Mount Auburn Capital Group LLC has snagged the 348-unit Stoneleigh Apartments of Corpus Christi from the Dallas-area based seller and developer. The transaction follows on the heels of Mount Auburn's buy of the local 200-unit Gulf Breeze Apartments and the 200-unit Walnut Ridge Apartments in Bastrop, TX.
Stoneleigh Apartments is at 5750 Curtis Clark Dr., and was built in three phases by Seneca Southwest LLC between 2005-2008. The asset was 94% leased at closing. KeyBank provided financing.
According to Mount Auburn vice president Daniel Hsu, the multifamily property had been widely marketed by Jeff Patterson and Kelly Witherspoon with Apartment Realty Advisors when it came to his attention. "According to the brokers, there was a sense of urgency in selling the property," Hsu says. "We were able to come in and close quickly, with 60 days."
Though he remained mum on the sales price, the Nueces County Appraisal District values the asset at less than $20 million.
Hsu tells GlobeSt.com that the deal made sense because the Southern California-based Mount Auburn already has a complex in the city. "More than anything, we were encouraged by the strong fundamentals of Corpus Christi," he adds. "Forbes ranks the city as a top market for jobs, and to live in and to retire." Furthermore, with the Bureau of Labor Statistics ranking Corpus Christi as one of 12 markets in which employment has returned to peak levels. "A lot of that is being driven by the surging energy sector and robust population growth," Hsu adds.
Hsu says Mount Auburn continues to flush out potential deals in Texas' major, as well as secondary, cities.
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