The Club of the Isle | 3433 Cove View Blvd
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The Club of the Isle 3433 Cove View Blvd
264 Unit Apartment Building For Sale Galveston, TX 77554
Investment Highlights
- Unique Island Living Experience with Unmatched Amenity Set
- Proven Value-Add Upside with Continued Runway to Match New Construction
- Large Condo Style Units Priced Well Below the Surrounding Competition
- High Barrier to Entry Island Location with Strong Submarket Fundamentals
- Anchored by Fourth Largest MSA and Strong Medical Employment
- Priced at 30% Below Replacement Cost
Executive Summary
Newmark is pleased to represent the Seller in the disposition of The Club of the Isle (“Property”, “Community”), a Class A community with an irreplaceable island location.
Located a quarter of a mile from the coast, the Property is one of only five deals on Galveston Island built since 2000 and provides residents a unique island living experience full of resort-style amenities including a sand volleyball court, resort-style pool, zero depth water park, heated spa, and pergola lounge.
The Club of the Isle’s location along the coast contributed to its unique design: rare podium construction product (the units have never flooded) with surface parking. Replicating this product type would cost a developer an estimated $260,000+/unit to build today. This high construction cost has constrained the supply pipeline in and around Galveston, as evidenced by the lack of supply within 15-miles of the Property.
Located a quarter of a mile from the coast, the Property is one of only five deals on Galveston Island built since 2000 and provides residents a unique island living experience full of resort-style amenities including a sand volleyball court, resort-style pool, zero depth water park, heated spa, and pergola lounge.
The Club of the Isle’s location along the coast contributed to its unique design: rare podium construction product (the units have never flooded) with surface parking. Replicating this product type would cost a developer an estimated $260,000+/unit to build today. This high construction cost has constrained the supply pipeline in and around Galveston, as evidenced by the lack of supply within 15-miles of the Property.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Sale Type | Investment | Lot Size | 15.64 AC |
| No. Units | 264 | Building Size | 268,169 SF |
| Property Type | Multifamily | Average Occupancy | 93% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid Rise | Year Built | 2004 |
| Building Class | A | Parking Ratio | 1.73/1,000 SF |
| Sale Type | Investment |
| No. Units | 264 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | A |
| Lot Size | 15.64 AC |
| Building Size | 268,169 SF |
| Average Occupancy | 93% |
| No. Stories | 4 |
| Year Built | 2004 |
| Parking Ratio | 1.73/1,000 SF |
Unit Amenities
- Air Conditioning
- Microwave
- Washer/Dryer
- Crown Molding
- Double Vanities
- Ice Maker
- Refrigerator
- Views
- Walk-In Closets
- Linen Closet
- Pantry
Site Amenities
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Playground
- Pool
- Spa
- Corporate Suites
- Gated
- Furnished Units Available
- Putting Greens
- Trash Pickup - Door to Door
- Volleyball Court
- Elevator
- Lounge
- Maintenance on site
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 144 | - | 765 - 873 |
| 2+2 | 72 | - | 1,112 - 1,213 |
| 3+2 | 48 | - | 1,336 - 1,595 |
zoning
| Zoning Code | MF HDDZ 5 |
| MF HDDZ 5 |
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The Club of the Isle | 3433 Cove View Blvd
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