Coastal Texas Multifamily Value-Add Asset Sold by IPA
CORPUS CHRISTI, Texas, May 21, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Sendera Baypoint, a 350-unit multifamily asset on Oso Bay in Corpus Christi, Texas.
“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,” says Will Balthrope, IPA executive director.
Balthrope, Drew Kile, IPA senior director, and Jordan Featherston, IPA associate, represented the seller, Austin-based Sendera Investment Group, and procured the buyer, New York-based Castle Lanterra Properties.
The community is located at the corner of Ennis Joslin Road and South Padre Island Drive near the one-million-plus-square foot super-regional La Palmera shopping mall and one mile from the Corpus Christi Medical City-Bay Area. A Christus Spohn Regional Health System campus with more than 5,400 employees is nearby and the Corpus Christi Army Depot and Naval Air Station Corpus Christi, the top employers in Corpus Christi with more than 11,300 jobs, are 5.5 miles from the property. Built in 1998, Sendera Baypoint provides unmatched views of Oso Bay and features a large bay-front lawn and waterfront recreation area.