RealtyMogul has announced that funding is now live for its multifamily complex offering, Baypoint Apartments, located in Corpus Christi, Texas.
This multifamily complex features over 1,800 feet of waterfront property located on Oso Bay. The 350-unit property includes resort style-amenities, such as a gym, basketball and volleyball courts, a newly renovated clubhouse and office building, a waterfront dog park and a putting green.
Baypoint Apartment features considerable potential value-adding upside for new investors. The total market area has a median home value that is 36% higher than that of the city’s median home value. Additionally, the previous ownership group completed over $6 million in projects within the previous four years, including a newly renovated clubhouse and office area, the dog park, a waterfront playground and a repurposed laundry room.
It has a capital improvement plan in place that includes investing $14,000 in renovations per unit to renovate 54% of the units, which contain classic interiors. With all the recent renovations performed on the common and amenity areas, it allows the new buyer to focus on continuing to add value to the complex through interior renovations.
The investment’s sponsor, Pegasus Real Estate, is a Dallas-based private commercial real estate investment firm that focuses its investments in major metropolitan markets throughout Texas. Over the firm’s history, it has acquired over $450 million worth of assets and focuses on multifamily and industrial projects. Currently included in Pegasus’ portfolio are over 1,000 multifamily units and an excess of over $325 million worth of assets currently under management. According to Pegasus, “The company has achieved strong returns on all of its exited investments to date.”
Find more details on this offering and others on Benzinga Alternative Investments
Photo: Courtesy of RealtyMogul
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