Corpus Christi, TX -- Post Investment Group, LLC ("PREG"), a Los Angeles based opportunistic real estate investment firm, today announced that it has completed its acquisition of Paradise Bay Apartments in Corpus Christi, Texas. The purchase price was approximately $23.5 million, which was funded through private equity and $21.5 million in new mortgage financing.
The property, located at 5901 Weber Road is comprised of 783 apartment units, stabilized at approximately 98.5% occupancy. With a walk-in capitalization rate in excess of 8.5%, the asset is already producing strong yields, which PREG plans to compound with a $2 million capital improvement project aimed at bringing lagging rents in line with the market. Jason Post, President of PREG, said, "This property will be a strong addition to our growing Texas multi-family portfolio and is likely to provide a significant return on investment to our investors."
This latest acquisition brings PREG's total Texas portfolio holdings to 1,730 units in Class B and C apartment communities all acquired since October, 2006. Jack Ehrman, Director of Acquisitions, stated, "This is a representative example of the type of core asset we desire in stabilized markets. This area's prime demographic metrics, including low historical vacancy, have supported steady growth in the multi-family sector over the past decade, in contrast to expanding markets elsewhere in Texas."
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About Post Investment Group, LLC
Post Investment Group is an opportunistic real estate investment firm focused on the acquisition of multi-family assets nationwide. The company specializes in both core plus and value add investment opportunities capitalized through private and institutional investors.
First Call Analyst:
FCMN Contact:
Source: Post Investment Group, LLC
CONTACT: Jack Ehrman of Post Investment Group, LLC, +1-323-653-9700,
jack@postinvestmentgroup.com
Web site: http://www.postinvestmentgroup.com/
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