BASTROP, TX-Continuing its activity outside the Golden State, Mount Auburn Capital Group LLC added the 200-unit Walnut Ridge Apartments and the 200-unit Gulf Breeze Apartments in Corpus Christi to its growing portfolio. The Los Angeles investor acquired the class A apartments from Houston-based Apartment Advisors Inc. in its first Texas buy.

According to Daniel Hsu, vice president with Mount Auburn Capital, the seller wanted to close quickly on both properties, each of which had an existing HUD loan for assumption. Greg Austin with Jones Lang LaSalle's Houston office informed Mount Auburn about the properties, and "we have a great relationship with HUD, so we were able to facilitate the process," Hsu tells GlobeSt.com.

Hsu goes on to say that both multifamily properties, built in the mid-2000s, fit Mount Auburn's acquisition strategy of finding product in growing, middle-American markets. Corpus Christi appealed because it's a tight apartment market, with competing properties topping out at 95% occupancy. Bastrop, in the meantime, is 30 minutes away from Austin. "The population there is growing steadily, and continued projections have it moving forward," Hsu says. Both assets are 97% occupied and will not have upgrades, he adds.

Walnut Ridge Apartments is at 1900 Walnut St. The complex offers one-, two- and three-bedroom units, ranging in size from 723 square feet to 1,229 square feet. Rents are between $775 and $1,195 per month.

Gulf Breeze Apartments is at 6533 Patti Dr. and has one-, two- and three-bedroom units measuring between 899 square feet and 1,229 square feet. Monthly rents are between $925 and $1,260.

Hsu says Mount Auburn is preparing to close on another property in Corpus Christi, and the company's goal in 2013 to exceed $150 million in apartment acquisitions. Earlier this year, Mount Auburn bought the 274-unit Tuscany Villas in Baton Rouge, LA.