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Thursday, Sep. 10, 1998
Arbors, Bay Point complexes are filling up
Steady occupancy rates and increasing rents entice new, pricier units
By GLASTON FORD
Staff WriterTwo new apartment complexes in Corpus Christi with more than 700 units have opened for leasing in recent months, giving more choices to high-end renters.
The first tenants moved into the 350-unit Bay Point Resort Apartments, at Ennis Joslin Road and South Padre Island Drive, on Sept. 1, said Page Callaway, executive vice president of Callaway Development Corp.
And the first residents moved into the 252-unit Arbors on Saratoga in July, said Liza Garza, assistant manager.
Both complexes remain under construction, having completed their offices, clubhouses and some of their apartment buildings.
Three of Bay Point's 12 buildings are complete and the remainder should be done by the end of the year, Callaway said. Four of the 15 buildings at the Arbors are open. The rest should be complete by mid-November, Garza said.
The new units enter a steady market, said Greg Thorse, president of Apartment MarketData Research Services in San Antonio, which conducts regular surveys for the Corpus Christi Apartment Association.
Citywide occupancy rates are at 94.7 percent, about where they were the same time last year. And the average rental rate has increased from 61 cents per square foot last year to 62 cents per square foot this year, he said.
``That's actually what we consider pretty good,'' he said, ``an increase in rent and stable occupancy level.''
The Bay Point apartments, which feature 9-foot ceilings, detached and direct-access garages, and balconies facing Oso Bay, will test the size of Corpus Christi's high-end market, he said.
``It will be the nicest, newest, highest-rent property in Corpus Christi,'' he said.
Apartments range in size from 675 square feet to 1,385 square feet with rents ranging from $625 to about $1,000 a month.
There is a pent up demand for high-end, multi-family rentals in Corpus Christi, Callaway said. ``I don't know the eventual depths of that market right now but I am very confident that our property is going to do well.''
Bay Point apartments, managed by Greystar Multi-Family Services, is built on 31 acres purchased from the Joslin family trust.
The Arbors features seven floorplans ranging from 675 square feet to 1,250 square feet. Rents range from $625 to $1,065 a month. The complex is owned and managed by 20-year-old Dallas-based First Worthing Co.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web