HOUSTON and AUSTIN, Texas – August 24, 2018 – Berkadia today announced the sale and financing of Chandler’s Mill, a garden-style multifamily property in Corpus Christi, Texas. Associate Director Justin Cole and Managing Director Kelly Witherspoon of Berkadia’s Austin, Texas office completed the sale on behalf of the seller, Mandelbaum and Associates, Inc. The buyer was GPI Investment LLC. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured a Freddie Mac fixed-rate loan for the purchase.

“The 10-year loan includes five years of interest-only payments, which enables GPI to carry out their renovation plan,” said Ableson. The deal closed on July 31.

“Chandler’s Mill is a well-located property with great bones, and we’re excited to see the improvements GPI has in store to further enhance the property’s position in the market,” said Witherspoon. “Corpus Christi continues to be a highly sought-after coastal market for investment groups seeking yield and playing off of the consistent economic drivers, notably energy, medical, military and education.”

Built in 1984, Chandler’s Mill is comprised of 248 units with one- and two-bedroom floor plans. Residents have access to community amenities including a pool, parking, a clubhouse, a cold spa, a courtyard with a grilling area, a 24-hour fitness center and controlled access gates. Located at 6350 Meadowvista Drive, the property is conveniently accessible via Texas State Route 361 and is less than 18 miles from Mustang Island State Park.