James-Myers Multifamily Team Arranges the Sale of 836 Units in South Texas

The Six Properties are Part of an 11-Property Corpus Christi Portfolio

CORPUS CHRISTI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of six multifamily properties in Corpus Christi totaling 836 units. The assets are part of an 11-property 1,773-unit portfolio located in Corpus Christi. The remainder of the portfolio closed previously to multiple different buyers.  The terms of the sale were not disclosed. The assets sold are:

  • Briarcroft and Sky Harbor Apartments, 299 units
  • Carmel Manor Apartments, 74 units
  • Churchill Square Apartments, 107 units
  • Fairway Apartments, 149 units
  • Harper’s Corner, 207 units

Joe James and Kent Myers, senior associates, and J. Patrick Burke, an associate, all in the Austin office of Marcus & Millichap, represented the seller, a private individual. The buyer is a Texas based limited partnership.

Briarcroft and Sky Harbor Apartments were constructed in 1971 and 1973 on approximately 23.3 acres at 7218 South Padre Island Drive. Texas A&M University-Corpus Christi, the Corpus Christi Medical Center, Del Mar College and major shopping centers are nearby. The property was 95 percent occupied at the time of the sale.

Carmel Manor Apartments is located at 1001 Carmel Parkway, near the intersection of two major thoroughfares, Staples Street and Everhart Road. Built in in 1964, the 72,549-square foot property was fully occupied at close. All units feature updated kitchen appliances and spacious floor plans with walk-in closets.

Churchill Square Apartments was constructed in 1987 on approximately 5.6 acres at 302 Western Drive with frontage on Leopard Street, the main business corridor through two of Corpus Christi’s northwest suburbs, Calallen and Annaville. All units have washer and dryer connections and fireplaces. The property was 100 percent occupied at the time of the sale.

Fairway Apartments was built in 1969 on 5.5 acres at 6440 Everhart Road. Units feature ceiling fans, washer/dryer connections and large kitchen pantries. Community amenities include a swimming pool, fitness room, free assigned garage parking and on-site laundry. The complex was 94 percent occupied at close.

Harper’s Corner was constructed in 1975 at 6602 Everhart Road. Community amenities include two swimming pools, a fitness room, outdoor basketball and tennis courts and three laundry facilities.  Harper’s Corner was 95 percent occupied at the time of the sale.

Corpus-Christi-Portfolio-Sold-James-Myers-Multifamily

For additional investment information, please contact:

Joe James | jjames@marcusmillichap.com | 512-338-7852

Kent Myers | kmyers@marcusmillichap.com | 512-338-7853

Follow us on Twitter @JamesMyersMF for the latest market news and activity.

The James-Myers Multifamily Team of Marcus & Millichap participated in the sale of 22 transactions in 2012 totaling over 3,000 units and more than $123 Million in sales across Texas.  Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.

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