AUSTIN, Texas – May 14, 2020 – Berkadia today announced the sale of Regency Square, a 240-unit garden-style multifamily property in Corpus Christi, Texas. Managing Director Kelly Witherspoon and Director Justin Cole of Berkadia’s Austin, Texas office completed the sale on behalf of the seller, Minnesota-based S&H Realty Management. The buyer was Texas-based 3CM Multifamily, and the deal closed on March 31, 2020.
“This was a very unique opportunity in that the seller had owned the asset for more than 25 years,” said Witherspoon. “Given heavy interest before we officially came to market, the property was taken before we got that far. Well located, first generation value-add opportunities are hard to find, and they continue to be in high demand in the Corpus Christi MSA.”
“We are completing a significant amount of capital improvements,” said John Bollinger, CEO of 3CM Multifamily. “Then we are rebranding the property to be called Aventine Corpus Christi.”
Located at 3333 S Alameda St., Regency Square features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool with a sundeck, a playground and laundry facilities. Residents are also afforded convenient access to the Corpus Christi Medical Center, Driscoll Children’s Hospital and the shops and restaurants along South Staples Street.