Barcelona Apartments Trades Hands

San Antonio-based Coastal Barcelona LLC sold the 64-unit Barcelona Apartments in Kingsville, TX in South Texas, along the Interstate 69 corridor. Canopy Apartments LLC, managed by 3CM Multifamily, acquired the property at 833 E. Ailsie Ave. for an undisclosed price.

JLL’s Scott LaMontagne and Zar Haro led the team on the transaction. The asset was on the market for 30 days and attracted six offers before going under contract, according to JLL. The 90%-occupied Barcelona Apartments attracted mostly private syndicators. The new owner is planning both interior and exterior upgrades. The property will be rebranded as Canopy Apartments.

“Barcelona Apartments is an extremely attractive multifamily investment, poised for strong returns in a largely under-supplied area,” LaMontagne said. “With strategic investments, the property is positioned to increase in value and benefit from future rent growth.”

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