facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

Texas

/

Multifamily

/

Sale

/

100 Buccaneer Drive

Updated Dec 4, 2024

Cross Equities Acquires 342-Unit Buccaneer Apartments In Corpus Christi From Fuso Investment
SOLDMultiFamily

Cross Equities Acquires 342-Unit Buccaneer Apartments In Corpus Christi From Fuso Investment

100 Buccaneer Drive

Units

342

Asset Type

MultiFamily

Closing

Jan 5, 2024

About this deal

AI

Buccaneer Apartments, a 342-unit multifamily property located at 100 Buccaneer Drive in Corpus Christi, Texas, has been sold in a recent transaction. The property sits on 29 acres and offers one- and two-bedroom apartments as well as two-bedroom townhouses. It features amenities such as air conditioning, ceiling fans, and covered parking. The sale was facilitated by Fuso Investment Inc., with the buyer being Buccaneer Redevelopment LLC, which is affiliated with Dallas-based Cross Equities. The acquisition was made possible through a $14.7 million acquisition loan provided by American Bank of Commerce.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $14.7 million
  • Units: 342
  • Acres: 29
  • Buyer: Tim Gillean - Cross Equities
  • Seller: Fuso Investment Inc
  • Lender: American Bank of Commerce

The sale of Buccaneer Apartments represents a significant transaction in the Corpus Christi market. The involvement of Cross Equities, a Dallas-based company, highlights the interest of outside investors in the area's multifamily properties. Additionally, with the support of American Bank of Commerce, the buyer was able to secure the necessary acquisition loan for the transaction.

On the Map

Open live map

MultiFamily

View full map

Players

FI
Fuso Investment IncSeller
Bilt advertisement

Corpus Christi MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Deal FAQ

Browse Corpus Christi multifamily sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets