238 Galveston Apartment Units Change Hands

Gulf Coast Kington Properties of Abilene, TX acquired the 238-unit Driftwood Apartments in Galveston, TX. Mosaic DW-LP, headquartered in Houston, sold the apartment asset at 7019 Lasker Dr. for an undisclosed amount. Records show that the seller had acquired the complex in 2015.

Chip Nash, Greg Austin and Bob Heard with JLL brokered the transaction of the garden-style apartment complex. Situated on 7.5 acres, Driftwood Apartments consists of 15 buildings, featuring one- and two-bedroom units. The asset, built in the 1970s, is just off the Galveston Seawall, with amenities including a resort-style pool, cyber café, dog-walking trail and clubhouse.

“This property offers a reliable value-add opportunity, due to the integrity of the physical structure, desirable location and room to increase rents,” Nash said.

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