Thompson Thrift Residential, a wholly-owned company of Indianapolis-based Thompson Thrift, announced the sale of The Retreat, a 324-unit multifamily community located in The District of Timbergate area of Corpus Christi. A private real estate investment firm purchased the community for an undisclosed amount.
“The Retreat’s location within the highly acclaimed Corpus Christi Independent School District along with its premium access to nearby employers, retail and entertainment generated significant interest from multiple parties,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are pleased to have been able to execute our business plan and reach our investment goals for this community.”
Completed in 2017, the 96 percent leased community features 14 three-story buildings providing 324 apartment homes with a variety of one-, two- and three-bedroom layouts. The well-appointed homes include granite countertops, nine- to 10-foot ceilings, full-sized washer and dryers, soaking tubs, private balconies and detached garages. The Retreat also provides an array of community amenities including a resort-style swimming pool, state-of-the-art fitness center, clubhouse, technology center, movie lounge, gaming den, parcel pending package acceptance, and onsite bark park and pet spa.
The community’s location at 15721 Timbergate Drive is close to Highway 358 and provides residents with convenient access to numerous retailers at the La Palmera Shopping District as well as major employers including the Port of Corpus Christi, First Data Corporation, Texas A&M, Bay LTD and Eagle Ford Shale.
Kelly Witherspoon, Justin Cole and Adam Sumrall with Berkadia brokered the sale.
