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| 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.
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| 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.
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| 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
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