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CORPUS CHRISTI, TX-Triple Net Apartment REIT Inc. has closed on the first of a two-asset, 634-unit portfolio. The Santa Ana, CA-based company has bought the 284-unit Harbour Landing, listed for $15.25 million, and will be buying the sister property, 350-unit Baypoint Resort, for $33.25 million, according to an SEC filing.

The seller is WLA Investments of Newport Beach, CA. According to the company’s website, it’s selling all that it owns in Texas.

The 20-year-old Harbour Landing sits on 11.47 acres at 8033 S. Padre Island Dr. The 22-building complex is 92% physically leased and 96% economically occupied. The complex has one-, two- and three-bedroom units ranging from 468 sf to 909 sf. Its monthly rents are $534 to $829.

The 29.3-acre Baypoint Resort at 1802 Ennis Joslin Rd. is about one mile north of Harbour Landing. The unit mix consists of one-, two- and three-bedroom floor plans ranging from 675 sf to 1,385 sf. The monthly rents are $709 to $1,285.

Diane Miramontes and Darcy Miramontes with Grubb & Ellis ‘ San Diego office teamed with Ernest Brown from Grubb & Ellis in San Antonio to represent the seller. Triple Net nor its brokers could be reached for comment by press time.

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