South Texas Community Changes Hands
- Apr 18, 2019
GVA Real Estate Group has acquired the 224-unit Parkview Apartments in Corpus Christi, Texas. The seller, Illinois-based Raybec Management Co., had purchased the property two years prior, Yardi Matrix data shows. According to Nueces County records, the new owner financed the acquisition through an $11.5 million Freddie Mac loan set to mature in 2026.
Located at 5445 S. Alameda St., the community consists of a range of efficiency to four-bedroom apartments in 28 two- and three-story buildings. Built in 1969 on a 9.3-acre site, the property includes common-area amenities such as a fitness center, pool and community room. Situated in a dense residential area, the asset is less than 9 miles from downtown Corpus Christi.
“Our state’s continued population growth and economic fundamentals continue to propel Texas markets to the short list of perspective investors, especially for value-add opportunities like Parkview Apartment. Locally, the resurgent Texas energy market is driving much of activity seen in and around Corpus Christi. Incorporating the right strategic additions and improvements to the property will allow ownership capitalize, increasing the profitability and overall value of the asset,” said Zar Haro, senior vice president at JLL Capital Markets, in prepared remarks.
Haro, alongside Senior Vice President Moses Siller and Vice President Robert Arzola from JLL Capital Markets brokered the transaction on behalf of the seller. The same team recently brokered the sale of Nexus Urban Living, a 75-unit recently renovated community in San Antonio.