A 136-unit, 1983 vintage CONDO-STYLE DESIGN WITH PRIVATE GARAGES AND PROVEN VALUE-ADD

THE OPPORTUNITY

Berkadia’s Multifamily Investment Advisory Team is pleased to announce the exclusive listing of Summer House, a 136-unit apartment community located in the heart of Corpus Christi’s preferred south side. Built in 1983, the condo-style apartment community features private garages for every resident, washer-dryers in every unit, mature live oak trees and well-manicured grounds that provide a tranquil setting that is incredibly effective in attracting and retaining quality residents. The Property is situated on a quiet residential street near the intersection of Holly Road and Staples Street, offering the appealing combination of neighborhood living with dynamic accessibility to the employment, retail and entertainment hubs in the area.

Summer House presents an investor with the opportunity to acquire an asset that has set the bar for Class B rents in the Corpus Christi market while also demonstrating an incredibly stable occupancy history of 94.4% over the last 10 years. The property is primed for continued success offering an investor an opportunity to acquire a well-maintained, historically stable asset with a proven unit enhancement program to continue on the remaining units to maximize long term value-add appreciation.

INVESTMENT HIGHLIGHTS

  • Unique Condo-Style Design with Private Garages
  • Proven Value-Add Opportunity with Remaining Upside
  • Preferred South Side Location with Dynamic Accessibility
  • Corpus Christi Economy, Port Activity Garnering Headlines
  • Corpus Christi Apartment Outlook Remains Strong
  • All Cash Transaction

the Property

 

Units: 136 Year Built 1983 Metering: Individual Electric | Water - RUBS Parking: 136 Attached Garages | 116 Open Spaces Total SF: 112,034 Average SF: 824 Site Acreage: 6.83 Density: 19.91 Units Per Acre Buildings: Two-Story, Garden-Style Exterior: Brick Veneer | Vinyl Siding

Amenities

Interior Amenities

  • Garage with Every Home
  • Ceiling Fans
  • Newly Renovated Interiors*
  • Stainless Steel Appliances*
  • Storage*
  • Kitchen Pantries*
  • Dressing Area*
  • Fireplace with Mantel*
  • Patio | Balcony
  • Intrusion Alarm*
  • Washer and Dryer Furnished*
  • Faux-Wood Flooring*
  • Mini Blinds *Select Units

Community Amenities

  • Sparkling Pool
  • Barbecue | Picnic Area
  • High Speed Internet
  • Directly Adjacent to Ridgewood Park
  • Directly Adjacent to St. Andrews Park
  • On-Site Maintenance
  • Lawn and Shade Trees Throughout

LOCATION

Summer House is situated in the heart of Corpus Christi’s south side and offers unmatched accessibility to the entire metro given its proximity to South Padre Island Drive. The property is uniquely positioned just off Staples Street within minutes of many of Corpus Christi’s well-known employment drivers including CHRISTUS Spohn Hospital – South, Corpus Christi Medical Center – Bay Area, Texas A&M University – Corpus Christi, NAS – Corpus Christi, and Corpus Christi Army Depot, among others. Additionally, the Port of Corpus Christi, the Corpus Christi CBD, and the Corpus Christi International Airport are roughly 12 miles from Summer House via accessible connections off South Padre Island Drive.

Summer House also offers residents extremely quick access to the city's premier retail corridor located along South Padre Island Drive. Notably, La Palmera Mall, Moore Plaza, Sunrise Mall and Gulfway Shopping Center are all located roughly one mile away from the property at Staples Street and SPID. Additionally, several eateries and neighborhood conveniences including Andy’s Tavern, Tokyo Hibachi Steak House, The VINE Juice Company, Weinerschnitzel, Authentic New York Pizza, Pooch Pad and CARisma Car Wash are within walking distance of the community.

Demographics

The Corpus Christi, TX Metropolitan Statistical Area (MSA) is located on the Gulf Coast approximately 200 miles southwest of Houston and has a population that exceeds 457,000 people. Residents enjoy 113 miles of beach along the Gulf Coast, mild winters, and an average of 233 sunny days per year, well above the national average. Corpus Christi is a family friendly city with an exceptional quality of life, and a cost of living that is nearly 10% lower than the national average.

Corpus Christi’s economy has traditionally revolved around petroleum, energy production, and logistics. In recent years, industries in other sectors—education and health services, professional and business services, and leisure and hospitality—have buffered the local economy from volatility in the energy sector. The military is also a key economic driver, with Naval Air Station Corpus Christi and Corpus Christi Army Depot together supporting 8,000 direct jobs in Nueces County.

CONTACT

INVESTMENT ADVISORS

financing

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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