PRESS RELEASE

 

BRIXTON CAPITAL PURCHASES SECOND APARTMENT PROPERTY IN CORPUS CHRISTI, TEXAS THIS YEAR

 

CORPUS CHRISTI, TX (July 27, 2020) – Brixton Capital has acquired a second Corpus Christi, Texas apartment property this year, Gulf Breeze, from Los Angeles-based Mount Auburn Multifamily for an undisclosed price.

 

Located at 6533 Patti Drive, the 200-unit apartment complex was built in 2004 and comprises 131,000 square feet on nine acres of land. Gulf Breeze includes 48 one-bedroom homes, 120 two-bedroom homes and 32 three-bedroom homes.

 

In March 2020, Brixton purchased another multifamily property in Corpus Christi, the 250-unit Everhart Apartments located at 6947 Everhart Rd.

 

According to Brixton Capital’s Vice President of Acquisitions Jim Hamilton, “Gulf Breeze is a great example of the type of investment opportunities that Brixton Capital pursues: an extremely well-located, quality asset in a growing market that would benefit from our value-added investment management approach. By strategically investing capital toward enhancing the property and individual units, we can create a true attractive value proposition for residents and long-term, excellent risk-adjusted investment returns.”

 

Tenants at Gulf Breeze enjoy proximity to NAS Corpus Christi and the South Texas Botanical Gardens and Nature Center, an easy 20-minute commute to the international airport and many retail amenities within walking distance. On-site amenities include a dog run and pool complex. Some units were recently renovated, and Brixton will renovate remaining units as needed.

 

“Gulf Breeze is an excellent addition to our growing workforce housing portfolio,” said Mark Selman, president of Brixton Capital.

 

Brixton’s purchase comes on the heels of its acquisition of San Antonio-based property management firm United Apartment Group (UAG), announced last month. In advance of the Gulf Breeze purchase, UAG executives assisted in the analysis of current operations of the property, focusing on minimizing expenses and maximizing value. UAG will manage the property on behalf of the ownership.

 

Justin Cole of Berkadia represented Mount Auburn Multifamily in this transaction, while Brixton Capital represented itself.

 

Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned real commercial real estate experts with an average of more than 25 years of experience.

 

Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office and land investments across the United States and Europe.

 

 

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For more information, please email Jim Hamilton, vice president of acquisitions, at jhamilton@brixtoncapital.com or call at (619) 840-4614.