Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

Dig Deeper


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.