Fund South Bay has sold its 270-unit community in Corpus Christi, Texas, to Tradewind Properties, who purchased the property with the help of a $30.8 million Freddie Mac loan secured by Berkadia, according to Yardi Matrix data.
Located at 1701 Ennis Joslin Road, Camden South Bay was constructed in 2007. The three-story garden-style community offers 270 units in one-, two- and three-bedroom floorplans, according to Yardi Matrix data. The units range in size from 642 to more than 1,500 square feet with certain apartments offering patios and sunrooms.
Besides the apartments, the building offers a long list of amenities including a fitness center with an adjoining kids play area, a gaming lounge with billiards and shuffleboard, a pool and outdoor kitchen, a business center, a picnic area with outdoor grills, a sand volleyball court, a dog park and a car care center. Residents also get access to garage and boat parking, valet trash pickup service, gated access and 24-hour emergency maintenance services.
Camden South Bay has attracted a number of tenants and is 94.4 percent occupied with tenants paying an average rent of $1,347, according to Yardi Matrix data.
Berkadia’s Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of the Houston office represented the seller, while Senior Managing Director Cutt Ableson in the Houston office secured the Freddie Mac floating rate loan. According to Ableson, the loan includes multiple years of interest-only payments, which allows for operational transition and asset improvements.
A RIPE RENOVATION OPPORTUNITY
Epstein explained in a prepared statement that the property was already one of the best-performing assets in the Corpus Christi market. However, he added that Camden South Bay also presents a solid value-add opportunity because of its age and location. As the property still has its original finishes, Epstein said new ownership could pursue a renovation program and have an asset that would offer strong returns.
In July, Tradewind sold a rental property in Houston for $85.6 million to a joint venture between Excelsa Properties and GoldCor Capital Partners.