Ariza Apartments is a 286-unit Class-A workforce housing community located in Corpus Christi, Texas. The property’s location in the Southside submarket places residents close to many of the city’s top-rated schools, most affluent neighborhoods, and significant employment centers. The Port of Corpus Christi is one of the largest in the United States and is the largest in total revenue tonnage. The Port has a $150B economic impact on the U.S. and a $17B impact on Texas. Across the Coast Bend, the Port accounts for 100,000 related jobs and is responsible for over $4.5B of personal income. Other large employers in the area include Christus Spohn Health Systems, Army/Navy Dept. of Defense, Dell Mar College, Gulf Marine Fabricators, Texas A&M Corpus Christi, ARG Holdings, Susser Holdings, Driscoll Children’s Hospital, and The Naval Airstation.
Economic fundamentals in the Southside submarket are robust and outpace the overall city by a significant margin. Median income, population growth, and median home values are 25-50% higher in Southside than in the Corpus Christi Metropolitan Statistical Area.
Ariza Apartments, completed in 2020, consists of eleven three-story residential buildings and one fully-amenitized clubhouse. The property offers one-bedroom, two-bedroom, and three-bedroom floor plans ranging from 676 square feet to 1175 square feet. Community amenities include the luxury clubhouse, game room, limited access gates, yoga studio, resort-style swimming pool, dog park, covered pet wash and grooming station, private garages, lighted carports, and picnic and BBQ areas. Interior unit amenities include 9-foot ceilings, island kitchen, granite countertops, Energy Star appliances, multi-cycle dishwasher, walk-in closets, custom cabinetry, faux wood blinds, washer/dryer, wood-like flooring, and garden tubs.
Cyressbrook Management assumed property management services at closing. ApexOne Multifamily Fund III, LP purchased Ariza and will hold long-term to capture growth and appreciation.