CORPUS CHRISTI, TX-The Islander Village Apartments is the first to sell from a four-property student housing portfolio in Texas. The just-completed 312-bed complex, built for $11 million, is the only class A off-campus property near Texas A&M’s Corpus Christi campus.

Islander Village Apartments at 5525 S. Alameda St. came on line in October so its occupancy is just now at 60%. The 78 apartments are four-bedroom, four-bath floor plans, with $450 per bed rents. The buyer is Austin-based Campus Advantage Inc.

“The unique thing about this deal is it wasn’t stabilized on closing and the buyer was willing to buy it as is,” Jeff Patterson, vice president with Apartment Realty Advisors in Austin, tells “This was a little late to deliver to the market and it’ll take some time for the students to know it’s there.” ARA’s transactions manager Kelly Witherspoon partnered with Patterson to sell the development for Austin-based Hammond Jones Real Estate Development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.