Corpus Christi Apartments

Exterior of a two-story apartment building with balconies, beige siding, and green accents, surrounded by a landscape of grass and trees.

Actual Returns

1.7x

29%

2.3 years

Internal Rate of Return

Equity Multiple

Holding Period

Executive Summary

RCP Corpus Christi Apts, LLC invested $5.0 million of equity to acquire and renovate a 356-unit, apartment complex in Corpus Christi, Texas. Once the Project is acquired, renovated and stabilized, it should provide investor cash-flow before being sold.

Closing Summary

Encore Crossings Apartments sold. The buyer purchased the Project for $62,300,000 or $175,000 per unit, which exceeds RCP’s original projection of selling the Project for $54.57 million or $153,300 per unit.

RCP Class A Investors have received a 30.6% internal rate of return (IRR) and a 1.76x equity multiple on their investment over a 2.3 year hold period. This investment return exceeds RCP’s original projection of a 17.7% IRR and a 1.84x equity multiple over a four-year hold period.

Entrance sign for Encore Crossings apartment homes, surrounded by palm trees and landscaping, with a building in the background.

Cozy living room with sofas, coffee table, geometric rug, large window with outdoor view, chandelier, coffee station, and decorative pillows.

Outdoor swimming pool with blue lounge chairs, palm trees, and a pergola in the background, situated near multi-story apartment buildings under a cloudy sky.