Marcus & Millichap Arranges Texas Luxury Asset Sale

Northshore Place Apartments. Image courtesy of Marcus & Millichap

Marcus & Millichap has brokered the sale of Northshore Place Apartments, a 224-unit luxury community in Portland, Texas. Senior Vice President Kent Myers represented the seller and procured the buyer in the deal. Silverfin Land Development sold the Class A asset a year and a half after the property delivered, according to Yardi Matrix data.

Silverfin broke ground on Northshore Place in 2017 on a 13-acre site at 177 Northshore Blvd., financing the development with two construction loans totaling $24 million, Yardi Matrix shows. The community consists of 10 two- and three-story buildings with one- and two-bedroom apartments averaging 959 square feet. Amenities include a swimming pool, fitness center and clubhouse with a full kitchen.

Northshore Place is roughly 12 miles from Corpus Christi, Texas, near U.S. Route 181 and Texas State Highway 35. Various shopping, dining and recreational venues, such as the Portland Aquatics Center and Northshore Country Club, are within a 2-mile radius of the community.

Last month, Myers was part of the brokerage team which arranged the sale of a 300-unit luxury community in the north Austin suburb of Pflugerville, Texas. Oxford Enterprises Inc. acquired the 2019-completed asset.

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