Baypoint Resort Sale in Corpus Christi, TX Arranged by IPA

Baypoint Resort, 1802 Ennis Joslin Road, Corpus Christi, TX

CORPUS CHRISTI, TX – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Baypoint Resort, a 350-unit luxury multifamily complex located minutes from Corpus Christi Bay in Corpus Christi, Texas. The terms of the sale were not released.

Will Balthrope

            Will Balthrope, an IPA executive director, and Scott Lamontagne, an IPA director, represented the seller, an East Coast-based real estate investment trust. The buyer is an acquisition firm based in Austin, Texas.

“Baypoint Resort sets the standard for urban coastal living,” says Balthrope.  “It is a top-quality, stable multifamily asset in one of the best secondary apartment markets in Texas.”

            “Baypoint Resort is now at a stage where a minor modernization package provides an opportunity for value creation through revenue increases on par with newer comparable assets,” adds Lamontagne.

Scott Lamontagne

“A light renovation, coupled with the potential for organic rent growth in a very tight Corpus Christi market, makes the property an ideal blend of in-place yield and strong upside potential.”

            Built in 1998 on approximately 30 acres, the property is located at 1802 Ennis Joslin Road in Corpus Christi.

            Baypoint Resort’s unit mix features seven floor plans and includes both one- and two-bedroom units. The average unit size is 967 square feet. Interiors feature refrigerators, dishwashers and washer and dryer connections. 

Shared amenities include tennis and volleyball courts, attached and detached garages, a business center, a 24-hour state-of-the-art fitness center and two swimming pools with sun decks.

 

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

Gina Relva

Public Relations Manager

(925) 953-1716