(Read more on the multifamily market.)

CORPUS CHRISTI, TX-Marking its third buy in the city, NNN Apartment REIT Inc. has closed on the $33.25-million acquisition of the 350-unit Baypoint Resort Apartments. And, it could signal the end of the push.

“We like Corpus as a market and we have purchased three assets there. That may be our saturation point,” says Jay Olander, CEO and managing director of NNN Apartment REIT. “We’re bullish on Texas in general and we like Corpus as part of the strategy.” Since June, the Santa Ana, CA-based Triple Net affiliate has acquired 854 units around town, two of which are side by side and the third is 12 miles southwest.

Baypoint Resort Apartments at 1802 Ennis Joslin Rd. was 98% leased at sale time. The class A Baypoint doesn’t require a major renovation, but it will be repainted in the spring, according to Olander. The 29.3-acre complex has one-, two- and three-bedroom units from 675 sf to 1,385 sf. Rents are $709 to $1,285 per month.

Olander tells GlobeSt.com that NNN’s previous acquisition, though, is ticketed for $1.6 million of renovations. Work will soon begin on the 284-unit, class B Harbour Landing at 8033 S. Padre Island Dr. The plan includes clubhouse upgrades and new roofs.

Harbour Landing and Baypoint Resort were bought from WLA Investments of Newport Beach, CA, which was represented by Diane Miramontes and Darcy Miramontes in Grubb & Ellis Co.’s San Diego office along with Ernest Brown, head of the brokerage house’s San Antonio and Austin teams. Triple Net’s first acquisition in the resort city was the 220-unit San Marin Apartments at 7221 S Staples St., which it bought in June.

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