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 GlobeSt.com. “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.

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