shadowbend

Corpus Christi, Texas

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Property Overview

Berkadia’s Multifamily Investment Advisory Team is pleased to announce the exclusive listing of Shadow Bend, a 201-unit, garden-style, value-add opportunity located in the heart of the Corpus Christi’s preferred south side. Located along the popular Everhart Road, Shadow Bend offers quick access to employment, retail, and entertainment hubs. Shadow Bend features ten spacious floor plans with one- and two-bedroom apartments efficiently positioned across 9.731 acres in twenty-three (23) residential buildings equating to favorable density of 22.7 units per acre. Current ownership has executed on a transformational renovation at Shadow Bend that includes extensive capex investment and the successful implementation of an upscale value-add program on approximately 21 units (10.4% of the Property) with accompanying average rent premiums just under $185 per month. A new owner will benefit from the capital work already put into the property and the upgrade potential on the remaining 180 Classic Units (89.6% of the Property) that have yet to receive the market-leading upgrade packages. Shadow Bend offers an investor the ability to benefit from the attractive in-place cash flow and the potential for further modernization improvements that could poise the asset for continued rent growth, strong cash flows, and long-term value appreciation.

INVESTMENT HIGHLIGHTS

A prospective buyer or partner will be afforded the extraordinarily rare opportunity to develop two of Hilton’s best performing upper-upscale brands within the second largest international banking hub in the country and fast-growing urban market with rising popularity among investors, restaurant owners and entrepreneurs.

The Canopy and Embassy Suites hotel brands have been regarded as two of the most successful flags of the Hilton family. The dual branded nature of the Hotel offers a both the Hotel owner and guests a wide variety of benefits:

Miami has become a magnet for companies and talent across the U.S. The CBD and Brickell have seen a tremendous growth in asking rates. The friendly business environment, thriving restaurant scene, transit access, unbeatable weather and upcoming state-of-the-art office buildings are attracting professional service firms as well as growing industries such as fin-tech.

Located within Miami’s financial district and the most walkable upscale neighborhood in Miami, the Hotel will provide a diverse and expansive base of demand for a swift ramp to stabilization.

The Hotel will benefit from its ability to capitalize on substantial tailwinds of increased demand stemming from the completion of transformative mixed-use developments, including the adjacent 2.5M SF 1 Southside Park, the $1 billion 6-acre River District and One Brickell City Center, the massive 68 story 1.6M Class A+ Office building.

The Location

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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. © 2023 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 Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

Adam sumrall

Director 512.960.2674 adam.sumrall@berkadia.com

Justin Cole

Managing Director 512.226.8711 justin.cole@berkadia.com

Kelly Witherspoon

Senior Managing Director 512.226.8706 kelly.witherspoon@berkadia.com

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Austin Office

2500 Bee Cave Rd. Building 3, Suite 550 Austin, TX 78746 512.226.8700

Corpus Christi, Texas

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Proven Value-Add with Significant Rent Premiums Wonderfully Maintained, Garden-Style Community with Thoughtful Amenities Preferred South Side Location with Dynamic Accessibility Corpus Christi MSA Continues to Attract Diversified Major Capital Investment Fundamentals Remain Positive for Corpus Christi Apartment Market Port of Corpus Christi Continues to Impress with New Tonnage Records Attractive Freddie Mac Loan Assumption

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