SAN ANTONIO, TEXAS (September 1, 2022 – Moses Siller, managing director of Northmarq’s San Antonio investment sales office brokered the sale of Island Villas. The multifamily property (built in 2008) contains 336 units and is located at 1641 Nile Drive, Corpus Christi, Texas. Northmarq represented both the buyer and the seller in the sale.
Bryan Mummaw, Brandon Harrington, Bryan Liu and Tyler Woodard of Northmarq’s Phoenix debt/equity team collaborated with the San Antonio office to arrange acquisition financing for the property. The transaction was structured with a 10-year term with 7-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed rate loan for the borrower as a Freddie Mac Optigo lender.
Island Villas offers its community a resort-style atmosphere just south of Downtown Corpus Christi, which includes an abundance of shopping and entertainment within 1.5 miles walking distance. The property is located 17-minutes from Corpus Christi International Airport, along with highly rated public schools, and three colleges within 1 hour drive. Island Villas has four parks within 13.7 miles including: Oso Bay Wetlands Preserve, South Texas Botanical Gardens & Nature Center, Corpus Christi Museum of Science & Industry, and Texas State Aquarium.
Community amenities include: Resort style pool and patio, billiards room, 24-hour emergency maintenance, package room, fitness center, fenced community, pet play area, and game room. Interior amenities include: Ceiling fans, tub/showers, walk-in closets, private patios, open floor plans, updated kitchens, and wood-style flooring.