HOUSTON (Dec. 20, 2019) – Berkadia announces it has arranged the sale and financing of Camden South Bay, a 270-unit multifamily community located in Corpus Christi, Texas. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office represented the seller, Fund South Bay. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured a Freddie Mac floating rate loan on behalf of buyer Tradewind Properties.
“Formerly known as South Bay, the property was already one of the best performing assets in this market, presenting a significant value-add opportunity due to its age and location,” said Epstein. “Much of the property still has its original finishes, which leaves ample room for a new owner to implement a rehab program of their choosing. In an investment environment where it is difficult to find yield especially for assets of this vintage, the asset will produce out sized dividends for its new owners.”
Ableson noted, “The Freddie floater includes multiple years of interest only payments which allows for operational transition and asset improvements.”
Built in 2007, the property is located at 1701 Ennis Joslin Road. The three-story, garden-style community includes one-, two- and three-bedroom layouts ranging in size from 642 square feet to over 1,500 square feet. Units feature gourmet kitchens with black appliances, nine-foot ceilings, walk-in closets, washer/dryer, and patios, sun rooms and faux-wood flooring in select units. Common amenities include a 24-hour fitness center with adjoining kids play area; gaming lounge with billiards, shuffleboard and WiFi; pool and outdoor kitchen; business center with WiFi; picnic area with outdoor grills; sand volleyball court; bark park; garages and boat parking; car care center; door to door trash and recycling pickup; gated-access; and 24-hour emergency maintenance.
The asset is strategically positioned in a highly visible location near South Padre Island Drive, the major thoroughfare bisecting Corpus Christi. The property is located within 15 minutes of the booming Port of Corpus Christi, which is expected to become the nation’s top crude oil export hub over the next decade, Texas A&M Corpus Christi, Driscoll Children’s Hospital, and other major employment centers and retail or recreation destinations.