As exclusive advisor, MMG Real Estate Advisors is pleased to offer The Haven Apartments, a newly constructed 144-unit property located in Gregory-Portland, within the high growth Corpus Christi, Texas MSA. This asset offers an incredible opportunity for multifamily investors. With strong out of the ground lease-up (occupancy currently at 92%) and a desirable location, this property has the potential for stable cash flow and long-term appreciation.
- New 2022/23 Construction with Desirable Amenity Package
- Prime Location within High Growth Gregory-Portland-Ingleside (Corpus Christ MSA)
- Easy Access to Major Roadways, Employment and Recreation
- Variety of Floor Plans with Upside in Lease-Turn Rents and Add-On Amenities
- In-place Partial Property Tax Abatement
- Potential for Future Development
New 2022/23 Construction with Desirable Amenity Package
Totaling 144 units, The Haven was delivered to the market in late 2022 with the majority of the units completed in 2023. Lease up has been strong and consistent, which is indicative of the high demand in the area and the superior asset quality. High level amenities include a beautiful resort style swimming pool with pergolas area, gathering area with outdoor grills, dog park and pet wash, well-appointed clubhouse with conference center and café lounge, state-of-the-art fitness center and playground area.
Prime Location within High Growth Gregory-Portland-Ingleside (Corpus Christi MSA)
The Haven Apartments is well located in the heart of rapid growth and business investment. Over the past 10 years, the Corpus Christi region has benefited from over $54 Billion in economic development with the majority of that in the Gregory-Portland-Ingleside area of San Patricio County.
Easy Access to Major Roadways, Employment and Recreation
Major regional employers near the property include Kewit Offshore, Gulf Coast Ventures, Oxy Chemical, and Chenier energy, which recently announced a major expansion of its Liquefied Natural Gas operation. In addition to the outstanding employment base, The Haven gives residents direct access to Hwy 181 and an easy commute to the entire Corpus Christi region’s many recreational opportunities, including many beach parks, the Texas State Aquarium, and the USS Lexington Museum Whataburger Field, home of the Corpus Christi Hooks, the Houston Astros Double A minor league team.
Variety of Floor Plans with Upside in Lease-Turn Rents and Add-On Amenities
The Haven offers multiple floor plan options. There are twenty-four one-bedroom units averaging 641 square feet, eighty-four two-bedroom, two-bath units averaging 956 square feet, and thirty-six three-bedroom, two-bath units averaging 1,134 square feet. The units are luxuriously appointed with stainless steel appliances, granite counter tops, island kitchens, luxury vinyl plank flooring, patios, and balconies with additional storage. All units provide washer /dryer connections and the units currently provide the appliances at no additional cost. Future fee revenue could include extra charges to rent these appliances. Private yards have been introduced to some of the first-floor units and offer an opportunity for additional revenue. The property currently does not offer carports or reserved parking, which represents another growth opportunity. Current market rents are well below the major competitors in the market and a new owner should benefit from substantial rent increases upon 2nd generation lease turnover.
In-place Partial Property Tax Abatement
The City of San Patricio has granted a partial abatement to the property to run through tax year 2027. The abatement applies to 56.8% of the City of Gregory portion of the property tax, and the current tax year benefit is $48,752.
Potential for Future Development
Current ownership controls a contiguous, development-ready, 2.87-acre tract with plans already in place for an additional 48 units. The additional unit opportunity would result in 192 units and potentially greater economies of scale. The plans are for a mix of one- and three-bedroom units totaling 42,600 additional square feet. The sale of The Haven is not contingent upon a buyer pursuing this development opportunity.