IPA Sells 350-Unit TX Property
- May 23, 2018
Following the company’s recent involvement in the disposition of 12 multifamily properties across Texas, Institutional Property Advisors—a division of Marcus & Millichap—has brokered the sale of Sendera Baypoint, a 350-unit multifamily asset in Corpus Christi, Texas. At the time of the transaction, the property’s occupancy rate was 93.4 percent.
Executive Director Will Balthrope, Senior Director Drew Kile and Jordan Featherston acted on behalf of the seller, Sendera Investment Group. According to Yardi Matrix data, the company secured the property back in 2013 for $33.5 million. Castle Lanterra Properties purchased the coastal asset for an undisclosed sum.
Located at 1802 Ennis Joslin Road in the Oso Bay submarket, Sendera Baypoint is within a seven-minute drive of La Palmera, a regional shopping center. Potential employers in the area include Corpus Christi Medical City-Bay Area, the Christus Spohn Regional Health System campus, Corpus Christi Army Depot and the Naval Air Station. Built in 1998, the asset comprises 114 one-, 212 two- and 24 three-bedroom units, ranging in size between 675 and 1,385 square feet. The property features a large bay-front lawn and recreation area. Amenities include:
- fitness center
- tennis court
- volleyball court
- two swimming pools
- laundry facilities
- covered parking
“The property’s historically strong performance and recent upgrades give it an ideal blend of in-place yield and strong future upside potential through continuation of the value-add program,” said Balthrope, in a prepared statement.
Image courtesy of Yardi Matrix
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