MARCUS & MILLICHAP ARRANGES THE SALE OF 836 APARTMENT UNITS

CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of five multifamily properties in Corpus Christi totaling 836 units. The sale completes the disposition of an 11-property, 1,773-unit Corpus Christi apartment portfolio. The other six assets in the portfolio were sold previously to multiple buyers. Joe James, Kent Myers and J. Patrick Burke of Marcus & Millichap represented the seller, a private individual. The buyer is a Texas-based limited partnership. The five properties include: Briarcroft and Sky Harbor Apartments, Carmel Manor Apartments, Churchill Square Apartments, Fairway Apartments and Harper’s Corner. Briarcroft and Sky Harbor Apartments was constructed on approximately 23.3 acres at 7218 S. Padre Island Drive. The property’s 299 units were nearly 95 percent occupied at the time of sale. Carmel Manor Apartments, a 72,549-square-foot property, is located at 1001 Carmel Parkway. All 74 units were occupied at close. Churchill Square Apartments is located at 302 Western Drive. All 107 units were occupied at close. Fairway Apartments is located at 6440 Everhart Road and its 149 units were 94 percent occupied at close. Lastly, Harper’s Corner is located at 6602 Everhart Road. At close, nearly 95 percent of the property’s 207 units were occupied.