The buyer, Cross Equities, secured a $14.7 million acquisition loan.

Buccaneer Apartments

Buccaneer Apartments consists of 73 one- and two-story buildings. Image courtesy of Cravey Real Estate Services Inc.

Fuso Investment Inc. has sold Buccaneer Apartments, a 342-unit multifamily property in Corpus Christi, Texas, with the assistance of Cravey Real Estate Services Inc.’s Lyann Pinkham.

The buyer was Buccaneer Redevelopment LLC, an entity related to Dallas-based Cross Equities, according to Nueces County public records. The same source reveals that American Bank of Commerce originated a $14.7 million acquisition loan.

Completed in 1950 at 100 Buccaneer Drive, the community encompasses 73 one- and two-story residential buildings spread across approximately 29 acres. Units are available in one- and two-bedroom apartments and two-bedroom townhouses ranging from 650 to 850 square feet. Units feature air conditioning, ceiling fans, hardwood or carpeted floors and refrigerators, while common-area amenities include laundry facilities and 364 covered parking spots.

Buccaneer Apartments is at the intersection of Texas Trail and South Staples Street, close to a Walmart Supercenter, 4 miles from downtown Corpus Christi and 10 miles from Corpus Christi International Airport. The property is also close to Del Mar College West, a H-E-B grocery shop and to Driscoll Children’s Hospital.

Multifamily sales in Corpus Christi

In 2023, nine properties totaling 1,227 units traded in Corpus Christi, according to Yardi Matrix data. Assets changed hands for an average sale price of $93.29 per square foot, or $77,256 per unit.

The largest community that sold last year was the 224-unit Indigo, the same data provider shows. DGE Investments purchased the Class B asset from 3CM Multifamily and assumed the outstanding balance of a $15.9 million loan.