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SAN ANTONIO-An Alabama company has bought side-by-side apartment complexes in Ingleside, TX from two sellers. Birmingham-based M&A Apartments bought Ingleside I and Ingleside II, which have a total of 200 apartments. The company owns about 50 HUD properties in several states.

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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