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The Park Apartments 4040 Schanen Blvd 226 Unit Apartment Building $17,440,000 CAD ($77,168 CAD/Unit) Corpus Christi, TX 78413
INVESTMENT HIGHLIGHTS
- 226-unit value-add multifamily community located in the thriving coastal city of Corpus Christi, Texas
- Situated near major employment hubs, educational institutions, and retail centers
- Rare chance to acquire a well-located, value-add asset in one of South Texas’ most stable and growing rental markets
- Property Website - https://my.rcm1.com/buyer/slp?pv=Ykayfi_EmhiDmyAzyCePLN3n4L59fwyK8HNRd1KGkkM
EXECUTIVE SUMMARY
Colliers is pleased to present the opportunity to acquire The Park Apartments, a 226-unit value-add multifamily community located in the thriving coastal city of Corpus Christi, Texas. Currently 86.1% occupied and trending higher according to the seller, the property could generate gross rent collections of more than $2 million annually. The seller is offering a 1% commission to a Buyer’s agent.
The Park Apartments offers investors a rare chance to acquire a well-located, value-add asset in one of South Texas’ most stable and growing rental markets. Situated near major employment hubs, educational institutions, and retail centers, the property is positioned to benefit from the city’s continued economic and population growth. With all units in classic condition, The Park Apartments is well-suited for a strategic interior renovation program that could support rent increases and enhance the property’s standing in the submarket.
Supported by regional fundamentals, including a diverse employment base, steady in-migration, and limited new multifamily supply—The Park Apartments provides an opportunity for investors to pursue value creation through capital improvements, operational efficiencies, and strategic rebranding in the heart of Corpus Christi.
Investment Highlights
Value-Add Potential with Classic Unit Interiors
All units remain in classic condition, creating the opportunity for new ownership to implement upgrades and align rents with renovated comparables in the surrounding submarket.
Occupancy and Rent Collections Trending Up
Current occupancy at The Park is 86.1% and trending higher, and the property could generate gross rent collections of more than $2 million annually.
Strategic Location Near Major Employers and Coastal Demand Drivers
The property is near employment centers including the Port of Corpus Christi, Naval Air Station, and regional refineries, which contribute to consistent rental demand.
1% Buyer’s Agent Commission Offered by Seller
The seller is offering a 1% commission to a Buyer’s agent.
The Park Apartments offers investors a rare chance to acquire a well-located, value-add asset in one of South Texas’ most stable and growing rental markets. Situated near major employment hubs, educational institutions, and retail centers, the property is positioned to benefit from the city’s continued economic and population growth. With all units in classic condition, The Park Apartments is well-suited for a strategic interior renovation program that could support rent increases and enhance the property’s standing in the submarket.
Supported by regional fundamentals, including a diverse employment base, steady in-migration, and limited new multifamily supply—The Park Apartments provides an opportunity for investors to pursue value creation through capital improvements, operational efficiencies, and strategic rebranding in the heart of Corpus Christi.
Investment Highlights
Value-Add Potential with Classic Unit Interiors
All units remain in classic condition, creating the opportunity for new ownership to implement upgrades and align rents with renovated comparables in the surrounding submarket.
Occupancy and Rent Collections Trending Up
Current occupancy at The Park is 86.1% and trending higher, and the property could generate gross rent collections of more than $2 million annually.
Strategic Location Near Major Employers and Coastal Demand Drivers
The property is near employment centers including the Port of Corpus Christi, Naval Air Station, and regional refineries, which contribute to consistent rental demand.
1% Buyer’s Agent Commission Offered by Seller
The seller is offering a 1% commission to a Buyer’s agent.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $17,440,000 CAD | Building Class | C |
| Price Per Unit | $77,168 CAD | Lot Size | 10.57 AC |
| Sale Type | Investment | Building Size | 188,926 SF |
| No. Units | 226 | Average Occupancy | 83% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1967 |
| Apartment Style | Garden | ||
| Zoning | B-1 | ||
| Price | $17,440,000 CAD |
| Price Per Unit | $77,168 CAD |
| Sale Type | Investment |
| No. Units | 226 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 10.57 AC |
| Building Size | 188,926 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1967 |
| Zoning | B-1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Freezer
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Property Manager on Site
- Grill
- Pet Play Area
- Online Services
- Sundeck
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 56 | - | 661 |
| 2+2 | 160 | - | 884 |
| 3+2 | 10 | - | 1,047 |
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Walk Score®
Very Walkable (72)
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VIDEOS
MATTERPORT 3D EXTERIOR
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The Park Apartments | 4040 Schanen Blvd
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