Deal | Providence Investments

Puerto Del Mar Apartments

In Corpus Christi, Tx.

580 Units Multifamily Value-Add Investment Opportunity

Projected Returns

Puerto Del Mar Apartment’s leading source of new leases is drive-by traffic attributable to property’s visibility along both Caravelle Parkway and Holly Road which has only been enhanced by the appealing exterior improvements and new monument signage.

Thriving Market

Corpus Christi, Texas

Class B Multifamily

Asset Type

3 Years

Holding Period

22.59%

Target IRR

13.47%

Annualized Cash On Cash

$18 Million

Equity

Investment Highlights

Highly Desirable South Side Location with Dual Visibility and Walkability - Puerto Del Mar Apartment’s leading source of new leases is drive-by traffic attributable to property’s visibility along both Caravelle Parkway and Holly Road which has only been enhanced by the appealing exterior improvements and new monument signage.

Corpus Christi MSA Continues to Draw Major Capital Investment - Ranked 43rd on Wallet Hub's Best Cities to Live in the United States list for 2019, Corpus Christi continues to grow at a rapid pace with over 40,000 more residents and approximately 20,000 more households today than there were in 2010.

Modernized Garden-Style Community with $8.5M in Recent Capex - The well-appointed improvement dollars were spent to complete a stunning renovation that garnered Puerto del Mar the 2019 Corpus Christi Apartment Association Renovation of the Year Award.

Extensive Unit Improvements with Remaining Potential - Extensive Unit Improvements with Remaining Potential like double sinks, updated faucet with sprayer, new shaker-style cabinetry with contemporary brushed-nickel pulls, designer faux wood plank flooring throughout living areas, and many more.

Strong Corpus Christi Apartment and Housing Fundamentals - In addition to the positive absorption, Corpus Christi was able to achieve an average effective rent of $1,012, representing a 3.7% average effective rent growth over the prior year.

2.3%

Occupancy Growth

1976

Year Built

3.7%

Effective Rent Growth

$1,012

Average Effective Rents

Class B Multifamily

Asset Type

Garden

Style

91.8%

Market Occupancy

444,692 Square Foot

Net Rentable SF

offering For Accredited Investors Only

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Our Strategy

Markets

Providence Investments invests in markets with a balanced population growth, high tenant demand, key demographics, strong leadership and employment growth, which has proven to be the winning formula in our investment strategy.

Locations

We focus on primary and secondary markets in Southeastern states, including Alabama, Georgia, Florida, North Carolina and in a few northern and midwestern states with barriers to entry. These principles have allowed Providence Investments and its partners to flourish and outperform the toughest economic market in history.

Value Add Potential

Through the acquisition of properties within locations of strong economic drivers, we add value by acquiring multifamily investment opportunities in prime and growing areas well below replacement cost, improving management efforts, and controlling operations to maximize value and returns.

Offering Memorandum

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