investment offering

BV Corpus Christi

offering OVERVIEW

Bridgeview Multifamily is seeking limited partnership equity of $6,000,000 to facilitate the acquisition of 127 acres for a mixed-use project in Corpus Christi, TX. The property is located next to the Texas A&M Corpus Christi campus near Corpus Christi Bay. 

The land acquisition will mark the beginning of a master plan development, called Barisi Village (Barisi), that Bridgeview will partner with Blackard Companies (Blackard) to develop along one of the arteries in a key Corpus Christi submarket.  

Bridgeview's goal is to develop a series of multifamily, senior living, single family, commercial (including office), retail and hospitality use projects. Phase One is planned to include a five-story, mixed-use project containing approximately +/- 268 multifamily units, ~30,000 square feet of retail, ~2,400 square feet of executive offices, a parking garage and a village center with a bell tower and piazza. The Phase One proposed development design will be based on Blackard's proprietary village-based philosophy.

Investment Highlights

  • Mixed Use Development in partnership with Blackard Companies -
  • Significant below market land cost
  • Next to Texas A&M Corpus Christi with current enrollment of 12,000
  • Close to Naval Air Station - Corpus Christi’s Top Employer with more than 2,800 active duty and 4,400 civilian jobs
  • Estimated 12-15 Month Hold

Corpus Christi, TX

Corpus Christi is a coastal city with a strong industrial base and skilled workforce. Companies like CITGO and Valero tap into an existing talent pool that is bolstered by area colleges like Del Mar College and Texas A&M University-Corpus Christi. The nation’s fifth largest port, a connected highway network, and rail and air service help companies move their goods, ideas and people between Corpus Christi and major markets across the United States in a convenient and cost-effective way. More than $70 billion in new business investment has been announced between 2009 and 2019 as Corpus Christi continues to be a hub in South Texas’ economy.

Location Highlights

  • Projected Job Increase by 2030 is +/- 30,000
  • Port of Corpus is 5th Largest Port in the U.S. supporting over 131,000 direct and indirect jobs across Texas and generating nearly $20B in GDP
  • Access to International and Domestic maritime commerce
  • +/- 70 Billion in Industrial Investment Over the Last 10 Years
  • The Eagle Ford Shale Play and other oil and gas deposits attract major energy and petrochemical companies to the area
  • #1 Beach Destination in Texas with 113 miles of beach along the Texas Coastal Bend 
  • $1B in annual revenue from tourism

The rental market in Corpus Christi, and specifically the Bay Area, is made up largely of smaller rental properties and older B class and marginal A class 150+ unit properties. Rents have been consistent through the pandemic and subsequent recovery, due in part to the industrial growth and continued shortage of housing in the PMA.

According to Axiometrics, the Corpus Christi apartment market occupancy was 95.0% as of the end of December 2021, which represents a 1.3% positive change over last year.In addition to the positive absorption, Corpus Christi was able to achieve an average effective rent of $1,093, representing 7.8% average effective rent growth over the prior year. The Corpus Christi market is forecasted to experience effective rent growth of 3.6% over the next four years starting with 4.5% growth in 2022.

indication of interest

Projects Coming Soon Inquiry
Are you an accredited investor as defined by the SEC?* *
*I understand I must qualify as an accredited investor by meeting either of the following: | INCOME : Individually - $200k+ per year | Combined with spouse - $300k+ per year | NET WORTH : $1M not including primary residence |
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