Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Pearl Point, a 216-unit multifamily complex in Rockport, Texas.
“Best-in-class assets in secondary markets continue to attract attention from all types of investors nationally,” said Kent Myers, senior managing director investments in Marcus & Millichap’s Austin office. “Pearl Point features luxurious finishes, excellent community and unit amenities and proximity to retail, restaurants, and outdoor activities on the Gulf Coast.” Myers and Nico Bianchi, senior associate, represented the seller, Uhr Real Estate Inc. and Frew Development Group and procured the buyer, RREAF Holdings.
The property is located two-tenths of a mile from Texas State Highway 35 at the intersection of Pearl Street/FM 2165 and the State Highway 35 Bypass. The Aransas National Wildlife Refuge and Mustang Island are nearby, and Enterprise Oaks Shopping Center, RinRock Plaza and Windswept Plaza are nearby. Corpus Christi is 30 miles away.
Built in 2020 on 14 acres, Pearl Point has a swimming pool, greenspace with a pedestrian walkway and dog park, carports and garages. Apartments at Pearl Point have open-concept floorplans, built-in pantries, private patios or balconies, walk-in closets, and full-size washers and dryers. The average unit size is 906 square feet.