Marcus & Millichap Arranges Sale of 836 Units in South Texas

      Carmel Manor apartments, 1001 Carmel Parkway, Corpus Christi, TX

CORPUS CHRISTI, TX, June 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of five multifamily properties in Corpus Christi totaling 836 units.

Joe James

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.  The terms of the sales were not disclosed. The five properties are:

Ø      ·         Briarcroft and Sky Harbor Apartments, 299 units

Ø      ·         Carmel Manor Apartments, 74 units

Ø      ·         Churchill Square Apartments, 107 units

Ø      ·         Fairway Apartments, 149 units

Ø      ·         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.

Kent Myers

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.

J. Patrick Burke

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.

 For a complete copy of the company’s news release, please contact:

Ben Johnson

Marketing Director

(925) 953-1736