Apartment Commercial Services Sells Last of Portfolio

CORPUS CHRISTI, TX-Locally based Apartment Commercial Services Inc. has sold the last of an 11-property, 1,773-unit portfolio that was brought to market in late 2012. The most recent sale involved five multifamily properties, totaling 836 units to a private Texas buyer.

According to Kent Myers, senior associate with Marcus & Millichap Real Estate Investment Services’ Austin office, the seller had owned the class B portfolio for quite some time. “It had been built up over 50 years,” says Myers, who with Marcus & Millichap senior associate Joe James and associate J. Patrick Burke, represented the seller in the transaction.  “They liked the timing in the marketplace,” he says. “They had other ventures and wanted to free up some capital for that.” The buyer, in the meantime, will make improvements to the apartment complexes.