Sage Corpus Christi
- acquisition date November 29, 2016
- November 29, 2016
- address5702 Timbergate Drive, Corpus Christi, TX
- 5702 Timbergate Drive, Corpus Christi, TX
- number of units284
- square footage276,301
- Sage Corpus Christi is a 284-unit property built in 2014 offering features such as a resort-style pool, modern clubhouse, business center, and fitness center.
- Located in Corpus Christi, TX, the property is situated near recreation, retail, healthcare facilities, and is less than 20 minutes from Corpus Christi’s CBD. Christus Spohn Hospital, which is currently the second largest employer in Corpus Christi (5,000+ direct employees, plus thousands of other local jobs it indirectly supports) and is leading the job growth in the area, is located less than 1 mile from the property. Its location enjoys high visibility and easy access to major transportation arteries.
- The local economy consists of a healthy mix of trade and transportation, oil and gas downstream services, health care, education, government, and leisure and hospitality. The area is host to employers such as Naval Air Station, Texas A&M University, and Port of Corpus Christi. According to the Wall Street Journal, chemical companies and other energy-intensive businesses seeking access to cheap domestic supplies are building new facilities near the port, with $30 billion in construction projects underway.
- From its landscaping to its high-end interior finishes and first class amenities, Sage Corpus Christi has excellent curb appeal and compares favorably to its comps. The new construction means that capital expenses and maintenance costs will be lower than older vintage assets. Given the 2014 vintage, the property will be well positioned for future value-add towards the end of our hold period. This enable us to market the property for sale as a value-add opportunity or pursue higher rent premiums by undertaking the renovations ourselves.