Institutional Property Advisors Closes Houston Area Apartment Asset Sale
May 09, 2025
MONTGOMERY, Texas, May 9, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Harbor Shores, a 284-unit multifamily asset in Montgomery, Texas.
“This is the second sale for this legacy client, and it reflects the highly skilled development quality of the group,” said Greg Austin, IPA senior director. “They construct a top-drawer product, and the market fell in love with this cool lakefront asset.” Greg Austin, IPA’s Travis Austin, Jackson Hart, and Will Balthrope, along with Kyle Devillier of Marcus & Millichap represented the seller, NRG Conroe Villas L.P. and procured the buyer, CEG Multifamily.
Built in two phases on 16 acres in 2016 and 2023, the property is located on the shores of Lake Conroe, near Fernland Historical Park and Saint Francis Wolf Sanctuary. Houston, Conroe, and The Woodlands are within an hour’s drive. Shopping is nearby at Sunrise Plaza and Starfield Shopping Center.
Harbor Shores is a controlled-access community with Lake Conroe access, pickleball courts, two swimming pools, fitness center, clubhouse, and business center. Apartments have washers and dryers, air conditioning, and stainless-steel appliances.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Balthrope.
“This is the second sale for this legacy client, and it reflects the highly skilled development quality of the group,” said Greg Austin, IPA senior director. “They construct a top-drawer product, and the market fell in love with this cool lakefront asset.” Greg Austin, IPA’s Travis Austin, Jackson Hart, and Will Balthrope, along with Kyle Devillier of Marcus & Millichap represented the seller, NRG Conroe Villas L.P. and procured the buyer, CEG Multifamily.
Built in two phases on 16 acres in 2016 and 2023, the property is located on the shores of Lake Conroe, near Fernland Historical Park and Saint Francis Wolf Sanctuary. Houston, Conroe, and The Woodlands are within an hour’s drive. Shopping is nearby at Sunrise Plaza and Starfield Shopping Center.
Harbor Shores is a controlled-access community with Lake Conroe access, pickleball courts, two swimming pools, fitness center, clubhouse, and business center. Apartments have washers and dryers, air conditioning, and stainless-steel appliances.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio,” said Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.