Luxury Multifamily Asset Sale Brokered by Marcus & Millichap in South Texas
PORTLAND, Texas, Sept.21, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Northshore Place, a 224-unit multifamily property in Portland, Texas.
“Portland is the most populated city in San Patricio County and Northshore Place is its newest luxury apartment community,” said Kent Myers, senior vice president investments in Marcus & Millichap’s Austin office. “The property’s proximity to major demand drivers and new construction projects in the area is unrivaled. Northshore Place is a best-in-class asset that’s well positioned to provide the new owner with long-term stability, upside potential and value appreciation.” Myers represented the seller, a local real estate development company and procured the buyer, a limited liability company.
Located along U.S. Route 181 near Texas State Highway 35, Northshore Place is 10 miles from Corpus Christi. Residents are under one mile from retail, dining, entertainment, and recreational centers, such as the Portland Aquatics Center and Northshore Country Club. Completed in 2019 on 13 acres, the property’s 10 two- and three-story buildings have a mix of one-and two-bedroom apartments with high-end interior finishes including stainless-steel appliances, granite countertops, walk-in closets, and garden tubs. Among the many community amenities are a resort-style swimming pool, outdoor fire pits and a clubhouse with a full kitchen and billiards.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.