January 4, 2020
Fund South Bay LLC, sponsored by Camden Properties Trust, sold Camden South Bay, a 270-unit multifamily complex in Corpus Christi, TX. Berkadia’s Ryan Epstein, Jennifer Ray and Scott Bray represented the seller. Cutt Ableson, also with Berkadia, secured a Freddie Mac floating-rate loan on behalf of the buyer, Tradewind Properties.
According to Epstein, the property offered a “significant value-add opportunity due to its age and location.” As much of the property still has its original finishes from 2007, there is ample room for a new owner to implement a rehab program of their choosing,” Epstein said.
Camden South Bay (formerly known as South Bay) is at 1701 Ennis Joslin Rd. The three-story complex features one, two and three-bedroom units, ranging from 642 to more than 1,500 square feet. Amenities include a fitness center, play area, gaming lounge, pool and outdoor kitchen, business center, bark park, car care center and sand volleyball court.
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