Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

GALVESTON, TX-Spotting a niche for condominium housing near Scholes Field Airport, JMG Realty Co. of Atlanta has acquired the one-year-old, 264-unit Club of the Isle resort-style apartment complex for $41.3 million or $156,400 per unit. The seller was Houston-based Chaparral Group LLC.

“JMG plans to fill a much-needed niche on the island by converting the property to for-sale condominiums in the medium-price range,” says Bill Miller, managing director in Dallas for Holliday Fenoglio Fowler LP. “Galveston’s economy has grown tremendously in the past few years and is expected to set new records for 2006.”

Miller says Club of the Isle “represents an excellent opportunity for the buyer to take advantage of current pent-up demand for condominium units on the island.” HFF director Robert Casas worked with Miller in representing the seller.

The three-building property has seven different one-, two- and three-bedroom floor plans, averaging 982 sf. The 15-acre site is at 3433 Cove View Blvd. near the Scholes Field Airport and Galveston Island Municipal Golf Course in the Campeche Cove subdivision.

Community amenities include a pool, sand volleyball court, golf putting area, playground, fitness center, massage room and entertainment center. HFF’s Miller says the buildings were built to hurricane specifications and rated to withstand wind gusts of up to 140 miles per hour.

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?



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
Live Chat

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