Coastal Texas Apartment Project Half-Leased as Construction Concludes
- Jan 10, 2011
Corpus, Christi, Texas–Encore Multi-Family L.L.C. has just wrapped up construction of Encore Crossings, a 200-unit luxury apartment community near the Gulf of Mexico in Corpus Christi, Texas, and already, 50 percent of the 200 residences have been claimed.
Encore Multi-Family wasted precious little time erecting Crossings. The company commenced construction of the property, located at 2133 Nodding Pines Dr., in late 2009 and opened its leasing office in mid-August 2010. Billed as a multifamily destination that will set a new standard for modern apartments in Corpus Christi, Crossings features such offerings as a cyber café and media lounge, a “laptop hangout” and a conference room.
The apartment market in Corpus Christi is regaining steam. The occupancy level reached 91.7 percent in December, according to a report by ALN Apartment Data Inc., and the market’s overall occupancy level in the city for 2010 marked a 2 percent increase over 2009. Additionally, average effective rents increased 2.1 percent year-over-year. At Crossings, Encore Multi-Family achieved the leasing of half the residences at its proforma rental rates of $830 per-month and $1,040 per-month for one- and two-bedroom units, respectively.
Encore Multi-Family president Brad Miller tells MHN that the company attributes Crossings’ unusual success to three factors. “Location, location, location,” he says. “It’s right next door to the new Corpus Christi Athletic Club, which is about 110,000 square feet. Most fitness centers are about 40,000 square feet, so this is like a landmark in Corpus Christi.”
The higher-end amenities in the residences have also played a large role in luring renters. “Our team did a great job on construction buyout and we invested the savings in the apartments,” Miller notes. “Crossings has a quality that you would expect to see in Dallas, not necessarily in Corpus Christi. So when you’re the newest game in town and the newest game in town is one-of-a-kind, you’re going to attract people. Also, there are so many people who want to live in apartments as opposed to single-family homes now, so that helped, too.”