8/2/2007

Corpus Christi beachfront apartment complex nets $33.25 million

by

Baypoint Resort

California-based Triple Net Apartment REIT Inc. paid $33.25 million for the 350-unit Baypoint Resort in Corpus Christi, Texas on Aug. 2.

WLA Investments of Newport Beach. Calif. sold the property, which is located at 1802 Ennis Joslin Rd.

Grubb & Ellis represented the seller in the purchase.

Located on 29.3 acres, the complex offers one-, two- and three-bedroom apartments, two swimming pools, covered parking, gated access and a fitness center. The property was built in 1998 along the shore of Oso Bay, a tertiary bay of Corpus Christi Bay, and offers 338,000 sq. feet of rentable space.

Triple Net Apartment REIT Inc. is based in Santa Ana, Calif., and is sponsored by NNN Realty Advisors. The company manages a portfolio of more than 37 million sq. feet of real estate in 26 states, including approximately 9,000 apartment units.

WLA Investments boasts a portfolio of over 3,800 apartment units and 250,000 sq. feet of office/industrial space over seven states.

Address: 1802 Ennis Joslin Rd., Corpus Christi, Texas

Size: 350 apartment units, 338,000 rentable sq. feet

Built: 1998

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Filed Under: Hotel/Resort

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