A 218-unit, 2004 & 2014 Built MULTIFAMILY COMMUNITY WITH proven VALUE-ADD POTENTIAL located in southeast corpus christi

THE OPPORTUNITY

Berkadia’s Multifamily Investment Advisory Team is pleased to announce the exclusive listing of Cimarron Court, a proven value-add opportunity located in Corpus Christi’s preferred south side. Developed over two phases in 2004 and 2014, Cimarron Court is a Class A community that has received extensive renovations under the current ownership, further positioning the asset to capture area rental demand. The surrounding South Corpus Christi neighborhood has become a preferred residential enclave anchored by the recently opened Veterans Memorial High School, the first high school to be added to Corpus Christi ISD in over 45 years. The property is situated on a 7.7-acre, hard-corner site located at Cimarron Blvd and Lipes Blvd creating both visibility and accessibility. This 218-unit community offers seven distinctive one, two- and three-bedroom floor plans averaging 811 square feet that attract residents seeking proximity to the dynamic employment, education, retail, and entertainment drivers in the area.

INVESTMENT HIGHLIGHTS

  • Custom Home Features with Proven Upgrade Potential
  • Highly Visible Asset with Extensive Recent Capital Improvements
  • Preferred South Side Location with Walkability to Veterans Memorial High School
  • Texas Gulf Coast Economy Continues to Diversify Itself and Attract New Capital Attractive Loan
  • Assumption with Future Supplemental Loan Opportunity

the Property

Amenities

Interior Amenities

  • Fully Equipped Gourmet Kitchen
  • Updated Cabinetry*
  • Black-on-Black Appliance Package*
  • Ceiling Fans
  • Two-Inch Wood Blinds
  • Oversized Closets
  • Granite Counters*
  • Vinyl Plank Flooring*
  • Framed Bathroom Mirror*
  • Washer | Dryer*
  • Private Patio | Balcony
  • Washer | Dryer Connections* *Select Units

Community Amenities

  • Sparkling Pool with Sundeck
  • Outdoor Kitchen
  • Extended Hours Fitness Center
  • Clothes-Care Facility
  • On-Site Maintenance
  • Clubhouse with Internet Cafe
  • Limited Access Gates
  • Picnic | Barbecue Areas

LOCATION

Cimarron Court features walkable access to the newly opened Veterans Memorial High School which has become the preeminent high school on Corpus Christi’s south side. Opened in 2015, Veterans was the first high school in 45 years to be built in Corpus Christi, and encompasses 380,000 square feet, roughly twice the size of the district’s largest high school.

Additionally, Cimarron Court is poised to continue to benefit from the favorable locational attributes that inherently exist on the popular south side of the city. Residents enjoy quick access to several of the city’s key economic 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. Furthermore, the Port of Corpus Christi, the Corpus Christi CBD and the Corpus Christi International Airport are all approximately 15 miles from the Property via accessible connections off South Padre Island Drive, the region’s main east to west thoroughfare.

Demographics

Nueces, San Patricio, and Aransas Counties make up the Corpus Christi, TX Metropolitan Statistical Area (MSA), an area with a population exceeding 457,000 people. Residents in the metro area 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 5% 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. More than 5,200 workers have been added to payrolls among these three employment sectors since 2013.

CONTACT

INVESTMENT ADVISORS

AUSTIN OFFICE

901 S MoPac Expressway Building Two, Suite 430 Austin, TX 78746

Phone: 512.226.8700

Berkadia.com

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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