Joint Venture Sells Luxury Apartment Community
- Oct 30, 2015
The seller, a joint venture between Fogelman Properties and Bridge Partners, was represented in the deal by Jeff Patterson, senior vice president of Stream Realty and Kelly Witherspoon, vice president of the firm’s Austin office. The buyer, Miller Frishman Group, purchased the property for an undisclosed amount.
“The Reserve at Saratoga is a high-quality community that garnered a great deal of interest from buyers given its incredible location near the intersection of Saratoga Boulevard and Staples Street. The previous ownership performed Class A+, exterior upgrades as well as a select number of interior upgrades that were well received by the market. The new ownership plans to continue the momentum,” Jeff Patterson said.
Built in 2006, the 274-unit community at 5701 Saratoga Blvd. encompasses twelve three-story residential apartment buildings with 156 one-bedroom units, 106 two-bedroom units and 12 three-bedroom units. The 14.8-acre property is located near the heavily trafficked intersection of Saratoga Boulevard & Staples Street, offering easy access to Class A retail and the Christus Spohn Hospital – South.
Community amenities include a swimming pool with outdoor kitchen, elegant courtyard, recreational courts, business center, fitness center and indoor sports courts, and controlled-access gates. Unit amenities feature 9-foot ceilings with crown moldings, balconies or patios, extra storage space, a valet waste service, and direct access attached garage options.
“The economic growth in the Corpus Christi MSA is second to none in the South Texas region,” added Kelly Witherspoon. “The oil and gas, medical and education sectors are a few areas highlighting the diverse growth the entire region is currently experiencing.”