Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
MORTGAGE BANKING
INVESTMENT SALES
CONTACT US
Visit Doc Center
QUICK STATS
$2,213/$2.12
Market Rent
337,538
RENTABLE AREA
2023
YOC
346
UNITS
Investment highlights
Ability for a buyer to continue benefiting from a full property tax exemption with the existing HFC willing to partner with a buyer going forward
1
The maximum allowable rents are at a significant discount to comparable market rate properties, providing strong operational upside
2
Corpus Christi is home to Texas A&M - Corpus Christi, which has an enrollment of over 11,000 offering 33 undergraduate majors and 25 graduate programs
3
The Corpus-Christi MSA 4-Person Very-Low Income Limits are projected to 2.53% in 2025, providing for additional rental upside
4
xxx
6
96%
OCCUPIED
xxx
5
GALLERY
GALLERY
2007 & 2012
Placed in Service
Photo Gallery
Investment Highlights
Property Overview
Doc Center
Privacy
Contact
Terms of Use
2240 N. Padre Island Dr. - Corpus Christi, TX 78408
BACK TO TOP
Visit Doc Center
PROPERTY OVERVIEW
Costa Tarragona I & II is a 346-unit affordable housing community located in Corpus Christi, TX. The property is minutes from major transportation arteries, including I-37, outdoor recreation, healthcare, shopping, and downtown Corpus Christi.
Phase I of the property was built and placed in service in 2007 and Phase II was built and placed in service in 2012 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 30%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs (TDHCA).
Costa Tarragona I & II offers eight expansive floorplans with a selection of one, two, and three bedroom apartment homes. Each unit features an open layout with a fully equipped kitchen with island, washer & dryer connections, ceiling fans, a private front porch, walk-in closets, and 9-foot ceilings. Additionally, there is a parcel of land being offered along with Phase I & II that is located adjacent to Phase II. The parcel is 6.19 Acres and provides an opportunity for future development of additional units.
The community offers a clubhouse, picnic area with grills, gated entry, fitness center, business center, on-site laundry facility, playground, and swimming pool with sundeck.
Visit Doc Center
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
250 W. Nottingham Dr. Suite 120 San Antonio, TX 78209
san antonio OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Director Affordable Housing 425.761.1640 mike.terry@berkadia.com
MT License #89005
Mike Terry
Director Multifamily 303.689.8320 nate.moyer@berkadia.com
CO License #FA.100077890
nate moyer
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License: #DB36794
Jeff Irish
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Associate Director 817.821.9559 jack.leonhard@berkadia.com
JACK LEONHARD
The Opportunity
The Asset
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Managing Director Multifamily 210.377.2768 will.caruth@berkadia.com TX License: #539313
WILL CARUTH
4
Senior LIHTC Property built in 2011 containing 90 units located in the 8-story building along with 10 three-bedroom townhome units
5
Well located asset just under 7 miles from downtown Miami, as well as the Miami International Airport
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Senior Director Multifamily 210.377.1219 cody.courtney@berkadia.com TX License: #627281
CODY COURTNEY
Managing Director Multifamily 210.377.2768 will.caruth@berkadia.com TX License: #539313
WILL CARUTH