Buccaneer Apartments is an established and sought-after apartment complex in Corpus Christi, Texas, and it attracted significant attention from investors when it hit the market.
Addison-based Cross Equities won out, purchasing the 273,600-square-foot, 342-unit complex from Fuso Investment just before the end of the year.
The deal has been selected as the winner of the 2024 CoStar Impact Award for sale/acquisition of the year for Corpus Christi, as judged by a local team of real estate professionals familiar with the market.
About the Deal: The apartment building's location adjacent to schools, shopping and medical buildings made it attractive to buyers, as did its modern amenities. Originally built in 1950, Buccaneer Apartments is located on 28.73 acres at 100 Buccaneer Drive. It is valued at $15 million, according to local property records.
What the Judges Said: "The sheer size of the project will have a huge impact as it is redeveloped. ... Apartment sales can be difficult and usually very time-consuming. The age of these apartments add to the challenge," said one judge.
They Made It Happen: Lynann Pinkham of Cravey Real Estate Services.