Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced 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.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is 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.
