Gulf Coast Multifamily Value-Add Asset Sold by IPA
CORPUS CHRISTI, Texas, Oct. 23, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Crosswinds, a 176-unit apartment complex in Corpus Christi, Texas.
“Located in a thriving Corpus Christi market, Crosswinds is an outstanding value-add asset with strong cash flow and historically high occupancy,” says Will Balthrope, executive director. “The property benefits from the area’s strong recent job growth and a diverse economy that includes petrochemical manufacturing, large-scale fabrication, marine research, maritime shipping and tourism.”
Balthrope, Drew Kile, senior director, Nick Fluellen, senior managing director investments, Bard Hoover, first vice president investments and Jordan Featherston, associate, represented the seller, and procured the buyer, GPI Investment LLC (http://www.gpi-investmen.net/about).
Built in 1999, Crosswinds’ one-, two- and three-bedroom apartments average 824 square feet. The apartment complex is located on Weber Road, minutes from downtown Corpus Christi. Nearby major employers include Corpus Christi Army Depot, Naval Air Station Corpus Christi, Christus Spohn Regional Hospital, Port of Corpus Christi, Columbia Hospital, Driscoll Children’s Hospital, Susser Holdings Corp. and Texas A&M University.