CORPUS CHRISTI, TX— Plans to revitalize downtown Corpus Christi move forward as Avison Young recently arranged approximately $6 million in joint venture equity on behalf of Realtex Development Corporation for the Cosmopolitan of Corpus Christi.

The Cosmopolitan of Corpus Christi is a 165-unit residential and retail mixed-use project located two blocks from the Gulf of Mexico and Corpus Christi Bay. The high-end development will feature ground-floor retail and podium-style parking comprise as well as lifestyle amenities for residents, including a large clubhouse, center courtyard with resort-style swimming pool, media room, fitness center and executive business center.

“Avison Young leveraged the strength of its industry network to move efficiently in sourcing a high-quality joint venture equity partner for this significant development, which will play an important role in the transformation of downtown Corpus Christi into a premier business and entertainment destination,” states Rick Deyoe, President of Realtex. “We have already received tremendous interest in the development from prospective residents and the business community, and look forward to delivering a best-in-class mixed-use building that will positively contribute to this neighborhood's revitalization.”

Avison Young's New York City-based Capital Markets team of Principal Justin Piasecki, Vice-President Aaron Iskowitz and Associate Peter Rotchford sourced a Texas-based private equity group as a joint venture equity partner for the development. Realtex, an Austin-based multifamily developer, will construct and manage the building, with project costs totaling $23.7 million. Trinity Private Equity Group is a partner on the project.

“The track record of the development's sponsor and the high-profile nature of this project were key factors in our team's ability to quickly identify a strong joint venture equity partner. We are extremely pleased to have successfully completed this assignment in a deal that is indicative of the continued strength of the luxury multi-family sector,” noted Piasecki.

Avison Young is a full service commercial real estate firm headquartered in Toronto, Canada. The company provides investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers for all assets types.