Scott Weems of the San Antonio office of Hendricks & Partners negotiated all transactions for the deal.
Geobak Ltd. of San Antonio was the seller of Ingleside II, constructed in 1998, while Brownsville, TX-based Ingleside Apartments Ltd. was the seller of Ingleside I, constructed in 1994. The transactions were assumptions of a HUD 221 D4 loan and were closed simultaneously. Both buildings are approximately 90% occupied, Weems tells GlobeSt.com.
Although the value of the transaction was undisclosed, Ingleside I has an assessed value of $2.5 million and Ingleside II's assessed value is $2 million, according to the San Patricio Central Appraisal District.
Ingleside, which has about 10,000 residents, is 18 miles from Corpus Christi. It has been selected by the US Navy as a homeport.
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