Secondary Market Momentum: 297 Units Trade Hands

CORPUS CHRISTI, TX-Secondary markets in Texas are becoming positive targets for multifamily property investors, which was recently proved by the closing of two different properties in separate transactions. Trading owners were the locally based, 169-unit Bay Vista complex, and the 128-unit Avenue, in Nederland TX.

According to the brokers at Cushman & Wakefield of Texas, Inc. Bay Vista Apartments I LP was the seller of Bay Vista Apartments at 522 Hancock Ave., which traded at a price range between $16 million and $18 million. The buyer was Sage Properties Corp., and the trade was brokered by Ed Nwokedi, Walter Montague