JLL Leads TX Community Transaction
- Sep 12, 2017
Barcelona Apartments, a 64-unit community in Kingsville, Texas, will be rebranded under Canopy Apartments following its purchase from Coastal Barcelona. A team of brokers from JLL Capital Markets made up of Managing Director Scott LaMontagne and Senior Vice President Zar Haro represented the seller in the transaction.
“Barcelona Apartments is an extremely attractive multifamily investment poised for strong returns in a largely undersupplied area,” said LaMontagne. “With strategic investments, the property is positioned to increase in value and benefit from future rent growth.”
JLL has been a very active player on the Texas multifamily market, having closed on several community deals in San Antonio and Dallas.
The value-add property is located at 833 E. Ailsie Ave., on the Interstate 69 corridor, and is comprised of eight buildings. Its new manager, 3CM Multifamily, announced that the buyer plans to bring major improvements to the community, in an effort to capitalize on its proximity to important employers such as Naval Air Station, Texas A&M University–Kingsville and Christus Spohn Hospital. A Walmart Supercenter and Dick Kleberg Park are only a few blocks away.
The largest employment hub nearby is Corpus Christi, Texas, which is a 45-minute drive from the site of the property. Corpus Christi International Airport is also approximately 30 minutes away.
Image courtesy of JLL