SWBC Real Estate Purchases Multi-family Asset in Corpus Christi
SAN ANTONIO/DALLAS, TX (September 10, 2019) – SWBC Real Estate announced that it has acquired Stoneleigh Apartments, a multi-family property, located in Corpus Christi, one block south of State Highway 358/South Padre Island Drive (SPID). The property was brought to SWBC Real Estate from Berkadia’s Austin office, as an off-market transaction. The property was 95% occupied at the time of closing.
“We are excited to find a well-positioned property in the Corpus Christi market as we have been looking in the area for some time,” says Terry Gwin, President of SWBC Real Estate. “With the expansion of the Port of Corpus Christi and the $50 billion in construction activity currently underway in the area, we feel that this is a good growth market for the foreseeable future.”
The Stoneleigh Apartments were built in three separate phases completed in 2005, 2006, and 2008. The garden-style community includes 348 units consisting of one-bedroom and two-bedroom apartments – all of which still contain the original interior finish-outs. Amenities include a clubhouse, fitness center, community room with a kitchen, and three swimming pools. Over the coming months, SWBC Real Estate plans to renovate the property by investing $3.3 million of interior upgrades which include new appliances, faux-wood flooring, refinished cabinet fronts and hardware, new countertops, updated light fixtures, and two-inch blinds. Another $200,000 will go toward the design and update of the leasing office/clubhouse, as well as any other deferred maintenance or upgrades of the exterior.
“Stoneleigh is a well-located community on the south side of Corpus Christi, near many of the area’s largest employers and retailers. It is the perfect candidate for a reposition, and we look forward to seeing the transformation take shape in the coming months by SWBC’s team,” said Kelly Witherspoon, Managing Director at Berkadia.
This transaction marks the third value-add acquisition within the past 12 months for SWBC Real Estate. The other two properties are located in northwest Houston and west Austin.
About SWBC Real Estate
SWBC Real Estate, LLC (swbc.com/real-estate) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.