RREAF Holdings Buys Multifamily Asset in Rockport, Texas
Simona Tudose, MHN, 28 July 2022
Marcus & Millichap brokered the transaction.
RREAF Holdings has acquired Pearl Point, a 216-unit multifamily community in Rockport, Texas. Marcus & Millichap procured the buyer and represented the seller, Uhr Real Estate and Frew Development Group.
Built in 2020, the property is located at 2400 FM 2165 and encompasses one-, two- and three-bedroom units ranging between 760 square feet and 1,382 square feet. The residences are equipped with walk-in closets, washers and dryers, according to Yardi Matrix data. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool and 350 parking spots.
The nine-building complex is situated close to Texas State Highway 35, across from San Jose Island and Aransas National Wildlife Refuge, 3 miles from Rockport Beach. Multiple dining and retail options are nearby, and Corpus Christi, Texas, is within 30 miles.
Senior Managing Director of Investments Kent Myers and Senior Associate Nico Bianchi of Marcus & Millichap’s Austin office represented the seller and procured the buyer.
According to a recent Yardi Matrix report, Austin has managed to recover jobs lost during the pandemic. The metro’s unemployment rate stood at 2.9 percent in December 2021, outperforming both the state (5.0 percent) and the U.S. average (3.9 percent). Last year, RREAF Holdings acquired a $534 million national portfolio totaling more than 4,000 units across eight states.