Equity Return Multiple
Property Type: Multifamily
Sold in Q1 of 2019 in partnership with Adams LaSalle Realty, the Arbors is a 252-unit apartment complex located in Corpus Christi, TX. It was built in 1998 and had minor exterior renovations in 2013. The 15-building complex sits on approximately 13.3 acres with 226,856 of gross leaseable area. The property has 72 one-bedroom units, 132 two-bedroom units, and 48 three-bedroom units. Amenities at the property include a fitness center, sports court, a conference room, a business center, pool, WiFi access at the pool, and access gates.
During the hold period, approximately $1.5M was invested in capital improvements including light interior updates to about 50% of the units. Interior upgrades of the units included new flooring, resurfaced counterparts, new blinds, and updated electrical and plumbing fixtures.